Weis Markets plans to invest $109.4 million in its capital expansion program for the construction of eight superstores, including five replacement units, the expansion of 11 stores, and the remodel of 11 others.
"In 2004, our capital expenditures totaled $82.8 million at 3.9% of store sales, which significantly exceeds the industry average," said Robert F Weis, chairman. "We have budgeted significantly more for our growth program in 2005. Over the past 10 years, we have continuously invested in our store base. Since 1995, we have invested $683 million to open 57 superstores and remodel or expand 86 others. This total also includes our investments for technology upgrades and improvements to our distribution center."
While the company expects to start these projects in 2005, some might not be completed until 2006, according to Weis.
In 2004, the company's sales increased 2.7% to $2.1 billion while its comparable store sales rose 3.0%. In 2004, net income gained 4.8% while basic and diluted earnings per share advanced $.10 to $2.11 per share.
Founded in 1912, Weis operates 157 stores in Pennsylvania, Maryland, New Jersey, New York, Virginia, and West Virginia.