SUNBURY, Pa., April 28, 2011 /PRNewswire/ -- Weis Markets (NYSE: WMK) Vice Chairman Jonathan H. Weis today said his company would increase its 2011 Capital Expenditure budget by 7 percent to $110 million.
At the Company's annual shareholder meeting held in Sunbury, Mr. Weis briefed shareholders on the Company's current plans and its 2010 results. The current budget includes 14 major remodels, two additions and three new/replacement stores. The Company is currently building a replacement unit near Reading, a new unit near Easton and a replacement unit near State College.
"We've significantly increased the pace and tempo of our growth," said Mr. Weis. "Over the past two years, we've averaged 15 major projects -- triple what we were doing a couple of years ago -- and our cap ex budget has increased by nearly 35% during this period. We continue to reinvest in our stores, information technology systems and human capital at an unprecedented rate."
At the meeting, David J. Hepfinger, Weis Markets President and CEO updated shareholders on results for 2010 and its increased first quarter earnings."This marks our ninth consecutive quarter of strong operating results," said Mr. Hepfinger. "Over the past two years, our earnings have increased 28% and our rate of sales is up 18%." Mr. Hepfinger also said the Company would continue to increase its technology investments, which totals $25 million in recent years. "While we will continue to make major investments in our store base, our growth will be based on more than just bricks and mortar," said Mr. Hepfinger. "Effective Information technology systems are essential to our growth and success. We are determined to give our associates the tools and analytics they need to do better serve the needs of our business and our customers."