Weis Markets, Inc., Chairman, President and Chief Executive Officer Jonathan Weis updated shareholders on the company's plans to invest more than $160 million in its growth in 2023.
At the company's annual shareholder meeting in Sunbury, Pa, Weis said the company continues to make record investments in new stores, remodels, fuel centers, information technology upgrades and thousands of smaller store improvement projects.
"In 2023, we plan to invest more than $160 million in our capital expenditure program," said Weis. "Our budget includes 20 remodels, six fuel centers, one addition and one new store, which will open in 2024. We have five new stores in active planning stages. Our budget also includes thousands of store improvement projects which improve efficiencies and drive sales."
Weis also discussed the impact of inflation in fiscal year 2022.
"In fiscal year 2022, inflation hit a 40-year high. While inflation was helpful to our sales, higher energy, fuel and product costs put considerable pressure on our profits," he said. "Record inflation also put an enormous strain on our customers' budgets. In response, we continued to expand our Low, Low Price program in 2022. It now includes more than 9,000 of our best-selling grocery, frozen and produce items. This price investment helped our customers and our business. Customers saved more than $10 million while we competed effectively in our seven-state market area."
During the meeting, Weis reviewed the company's results. In the 53-week fiscal year ended Dec. 31, 2022, sales totaled $4.7 billion, up 11.2%. Adjusted for an additional week in 2022, comparable store sales increased 8.8% on an individual year-over-year basis and increased 10.5% on a two-year stacked basis. In fiscal year 2022, net income increased 15% to $125.2 million.
Founded in 1912, Weis Markets, Inc., based in Sunbury, Pa., is a Mid Atlantic food retailer operating 197 stores in Pennsylvania, Maryland, Delaware, New Jersey, New York, West Virginia and Virginia.
