SUNBURY, Pa., April 11 /PRNewswire-FirstCall/ -- Weis Markets, Inc.'s Vice Chairman Jonathan Weis today said his company would invest $72.5 million in its growth program over the next twelve months. Mr. Weis made the announcement at his company's annual shareholder meeting, which was held in Sunbury earlier today.
"Our ultimate goal is long-term, profitable growth. We will continue to invest in our store base, particularly proven store assets," said Mr. Weis. "Over the next twelve months we are planning $72.5 million in cap-ex investments."
"Two-thirds of our budget is targeted to store construction. We plan to build two new superstores in 2007, including one replacement unit," said Mr. Weis. "In addition, we are currently working on ten additions and plan nine remodels."
Mr. Weis said his company invested $100 million its capital program in 2006, nearly double its 2005 investment."
Later this spring, the Company will open a replacement superstore in Palmer Township, located near Easton, Pennsylvania. It is currently working on four additions in: Sunbury, Lancaster, Frederick, Md., Stroudsburg and recently began demolition work for a fifth addition in Schnecksville, PA.
At the meeting, Weis Markets CEO Norman S. Rich updated the meeting on the Company's plans for adding health clinics in a select number of Weis Markets' stores.
"At last year's annual shareholder meeting, we announced our partnership with the Geisinger Health System, one of Pennsylvania's leading healthcare providers, to open in-store health clinics in a number of our stores," said Mr. Rich. "Last summer, Geisinger opened its first CareWorks clinic in our Clarks Summit store and a second unit in Allentown earlier this year. We will continue to roll out additional clinics in the coming months."
Founded in 1912 by Harry and Sigmund Weis, Weis Markets will mark its 95th year of continuous operation in May. Today, it is one of the most consistently profitable food retailers in America. Weis Markets, Inc. currently operates 156 stores in five Mid-Atlantic States: Pennsylvania, Maryland, New Jersey, New York, and West Virginia.
