Weis plans to fur­ther grow chain

Maryland Independent - - Business -

Weis Mar­kets chair­man and CEO Jonathan H. Weis re­cently 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, ac­cord­ing to a com­pany news re­lease.

Speak­ing at the com­pany’s an­nual share­holder meet­ing at its Sun­bury, Pa., head­quar­ters, Weis said, ac­cord­ing to the re­lease, “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.”

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.”

Weis said the com­pany’s legacy stores con­tin­ued to per­form at a high level in 2016. 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 nonGAAP 2016 net in­come to­taled $63.3 mil­lion, up 6.7 per­cent, ac­cord­ing to the re­lease. 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,” Weis said in the re­lease.

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