Sunbury-based Weis Markets Inc plans to invest US$67.4m over the next year for the construction of five superstores and the remodel or expansion of 12 units in its 162-store portfolio.

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Chairman Robert F. Weis and President Norman S. Rich revealed the expansion plans at the company’s recent annual shareholders meeting.


Weis commented: “In May, our company will mark an important milestone – our 90th year in operation. During this time, we have worked hard to build our business and generate solid returns for our investors.


“For Weis Markets, 2001 was an important and challenging year. We responded creatively and vigorously to increased competition at a time of economic decline in many of our markets. Throughout the year, we worked tirelessly to increase our market share and add value to our shareholders’ investment.”


Founded in 1912, the company, according to Weis, continues to operate from a position of financial strength. In 2001, its net profit as a percentage of sales was twice the industry average. Return on assets was a third higher than the industry average and the company continues to generate strong cash flows.
 
Weis said the company’s expansion program resulted in the investment of US$48.1m in 2001 for new technology purchases, the construction of two superstores and the remodel or expansion of six others. Since 1995, the Company has opened 50 superstores and remodelled or expanded 68 others – more than 70% of its store base.

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Rich meanwhile updated shareholders on the company’s technology initiatives, noting the increased efficiencies and improved productivity at every level of the company: “Today, we operate in rapidly changing market place. Our customers are changing and so is our business. Our technology investments will help us meet these new challenges.”


Rich added that the company would continue to increase its investment in associate training, saying: “Continuous training and education will be a key part of our efforts. This year, we are taking our training programs to the next level in order to better manage our business and better serve our customers.”


Also at the meeting, Weis Markets Board elected William R. Mills, current board member and corporate secretary, as treasurer. Jonathan Weis, also a current board member, will succeed Mills as corporate secretary.


The company’s board of directors also declared a quarterly dividend of US$.27 per share to shareholders of record as of 3 May 2002, payable on 17 May 2002.