Sunbury, Pa. Weis Markets’ vice chairman Jonathan Weis said Wednesday that the company would invest $80 million to support company growth over the next 12 months. This announcement was made during the company’s annual shareholder meeting.
“For the coming year, we plan to invest nearly $80 million in our growth. We will target three-quarters of this budget to our store base," said Weis. "We currently have 19 major projects in various stages of planning, including three new stores, two replacement units, nine additions and five remodels."
This plan is a 23% increase over 2007, when Weis made $64.2 million in capital expenditures.
Despite a grim economic outlook, the company’s CEO announced he is pleased with earnings. “Our company's sales increased 3.3% to $2.3 billion in 2007 while our comparable sales increased 3.5%," said CEO Norman S. Rich.