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Weis Markets Announces 135M Dollars in Cap-Ex Program

Weis Markets Announces 135M Dollars in Cap-Ex Program

Monday, May 3rd, 2021

Weis Markets recently announced it will be investing $135 million in its growth strategy during 2021. The company unveiled its intentions continue to invest in new stores, remodels, information technology upgrades, fuel centers, and over a thousand smaller store improvement projects during its annual shareholder meeting recently.

Jonathan H. Weis, Chairman, President, and Chief Executive Officer, Weis“Already this year, we’ve opened a new store in Martinsburg, West Virginia, and a remodeled store in Gap, Pennsylvania, which was closed for 18 months due to a fire,” said Chairman, President, and Chief Executive Officer Jonathan H. Weis. “We are currently finishing up work on two stores in the Lehigh Valley, Pennsylvania, which will open later this spring, and have started work on a new store in Warminster, Pennsylvania, our second in Bucks County.”

The company is also planning for eight remodels and eight fuel centers in 2021 with expectations of completion for some projects to be in 2022.

Weis Markets recently announced it will be investing $135 million in its growth strategy during 2021

At the meeting, Weis and the executive team also briefed shareholders on the company’s results. Some key takeaways for FY 2020 include:

  • Sales were up 16.1 percent with $4.1 billion in sales
  • Comparable store sales increased 16.4 percent
  • Net income increased 74.9 percent to $118.9 million

Weis continued to discuss the pandemic’s impact at the shareholder event, speaking to the efforts and initiatives the company and employees have done this past year.

“We are awed by the efforts of those who work in retail, most especially our Weis associates who took care of our customers during challenging times,” said Weis. “They are among the unsung heroes of the past year.”

In addition, Weis also praised the company’s pharmacy team, which has vaccinated more than 145,000 people in Pennsylvania, New York, West Virginia, and New Jersey since late January, stated the release.

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Weis Markets