WEIS MARKETS ANNOUNCES $101 MILLION CAP-EX PLAN
Company Chairman-CEO Jonathan Weis updates shareholders on company’s plans for the future
Sunbury, PA (April 27, 2018) – Weis Markets (NYSE:WMK) Chairman and Chief Executive Officer Jonathan H. Weis announced his company’s plans to invest $101 million in its growth. This plan includes new stores, remodels, supply chain improvements and continued information technology upgrades.
Speaking at the company’s annual shareholder meeting in Sunbury, PA, on Thursday, Mr. Weis said, “We plan to invest $101 million in our continued growth. This is a disciplined program that is designed to produce long-term benefits. It includes two new stores – a unit in Nottingham, Maryland near Baltimore, which opened two weeks ago, and a store in Randolph, New Jersey, which will open later this summer. We also plan 20 remodels, a fuel center and four new pharmacies.”
Mr. Weis said his company’s 2017 cash flow benefited significantly from a decrease in its income tax rate due to the enacted Federal Tax Reform and that it should continue to do so in 2018.
The company plans to reinvest these tax savings into its growth and development programs, Mr. Weis said, “We will use these savings to strengthen our company’s long-term prospects. This reduction has helped us make major-and continuing - investments in associate training and career development. It has allowed us to increase our Cap Ex spending to more than $100 million while simultaneously paying down our banking line of credit. It also provides additional resources for potential acquisition opportunities.”
Mr. Weis also spoke about Weis Markets’ growing online ordering program which offers curbside pick-up, “Over the past year, we’ve expanded and upgraded our Weis 2 Go online ordering service with curbside pick-up. We recently introduced this service in 25 additional stores and currently offer it in 79 locations. In 2018, we will also test an online ordering delivery service. While we are a brick and mortar operator, we know there is a market for these services. We are in the business of constantly offering our customers more choices and options from which to choose.”
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating 206 stores in Pennsylvania, Maryland, New Jersey, Delaware New York, Virginia and West Virginia. For more information, please visit: WeisMarkets.com or Facebook.com/WeisMarkets.