Chairman and CEO Jonathan Weis updates shareholders on landmark year and the company’s plans for the future
SUNBURY, PA, 2017-May-01 — /EPR Retail News/ — Weis Markets Chairman and CEO Jonathan H. Weis today (April 28, 2017) announced the company’s plans to invest $90 million in its growth in 2017. This budget includes new stores, remodels, supply chain improvements and continued information technology upgrades.
Speaking at the company’s annual shareholder meeting in Sunbury, Pa., Mr. Weis said, “In 2017, we plan to invest $90 million in our growth. Our budget includes 14 remodels, a new unit in Brunswick, Md., two fuel centers and the continued expansion of our distribution center in Milton, Pa. We also have seven new stores in the active planning stages and expect most of them to open in 2018.”
Mr. Weis also discussed the company’s recent acquisition and conversion of 44 stores and its 2016 results.
“Last year was one of tremendous growth and opportunity for our company. In 2016, we acquired 44 stores and converted them in just three months’ time, growing our store base by more than 20 percent,” said Mr. Weis. “As a result of our acquisition, we now operate 204 stores and expanded operations into two new states, adding Delaware and Virginia to our now seven state territory throughout the Mid-Atlantic region.”
Mr. Weis said the Company’s legacy stores continued to perform at a high level in 2016, which was a 53-week year compared to 52-weeks in 2015. Adjusting for the extra week, the Company’s 2016 sales increased 6.9 percent to $3.1 billion while comparable store sales increased 2.9 percent. Excluding a one-time gain, the company’s non-GAAP 2016 net income totaled $63.3 million, up 6.7 percent. Mr. Weis also noted the company’s comparable store sales had increased eleven consecutive quarters.
“We are proud of our team — 23,000 associates strong — who made our success possible,” said Mr. Weis.
Source: Weis Markets