Weis Markets announced it will invest $125 million in its 2012 growth program.
At the Company’s annual shareholder meeting, Weis Markets Vice Chairman Jonathan Weis and President and CEO David J. Hepfinger updated shareholders on the Company’s 2011 results and its 2012 plans.
“This year, we plan to invest $125 million in our growth – a 25 percent increase compared to 2011,” said Mr. Weis. “Our budget includes two new stores and 18 major remodels. In addition, we expect to soon complete the purchase of three Genuardi’s units near Philadelphia which we hope to reopen later this summer.”
Mr. Weis and Mr. Hepfinger also reviewed the Company’s 2011 results.
“In 2011, our company continued to prosper in a competitive market place where our customers are still impacted by the poor economy,” said Mr. Weis. “Despite these challenges, our 2011 net income increased 10.7 percent while our comparable store sales increased 4.2 percent.”
In his remarks to shareholders, Mr. Hepfinger said, “For the third consecutive year, we posted strong net income and operating income increases. We attribute these results to our record cap ex investments in our store base, improved efficiencies and operating discipline in the overall management of our stores, strong increases in our sales per customer and more comprehensive sales building programs during key holiday periods, particularly in the fourth quarter.”
Mr. Hepfinger said the Company has upgraded two-thirds of its store base over the past three years.