Weis Markets Announces $101 Million Cap Ex Budget
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.
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