Weis Markets Announces $101 Million Cap Ex Budget
CEO Jonathan Weis Updates Shareholders at Annual Meeting
SUNBURY, Pa. -- April 24, 2014
Weis Markets (NYSE: WMK), today announced it would invest $101 million in its
growth program in 2014.
At the Company’s annual shareholder meeting, Weis Markets President and CEO
Jonathan Weis briefed shareholders on the Company’s plans and its results.
“Since 2008, we have invested more than $500 million in our growth and
improvement programs. During this period, we completed more than a hundred
projects,” said Mr. Weis. “This year, we plan to invest $101 million in growth
and expect to complete work on 16 projects in 2014.”
Mr. Weis said the Company opened four stores in 2013, with units in Woodlawn
and Towson, Md., Hillsborough N.J. and Huntingdon Valley, Pa.
Mr. Weis also spoke of several key Company initiatives, including its supply
chain. “As a company that self-distributes, our supply chain is a vitally
important area for us. Over the last year, we have increased our focus on
maximizing efficiency by driving millions of dollars of cost out of the
system, while maintaining our high standards for store service. This has
helped us reduce store level inventories and improve freshness.”
Mr. Weis also said the Company is planning to expand its 1.1 million square
foot distribution center in Milton, Pa in 2014.
About Weis Markets
Founded in 1912, Weis Markets, Inc. is a Mid Atlantic food retailer operating
166 stores in Pennsylvania, Maryland, New Jersey, New York and West Virginia.
For more information, please visit: WeisMarkets.com or
Weis Markets, Inc.
Dennis Curtin, 570-847-3636
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