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Weis Markets Plans Upgrades

05/02/2019

In a company release, Weis Markets announced that it would spend $110 million during 2019 to upgrade stores and support infrastructure. Jonathan H. Weis, Chairman and CEO stated “As part of our Company’s commitment to long-term growth, we will invest roughly $110 million in our store base and support areas”. He added “We will erect a new store in Bucks County and complete fourteen store remodels, six fuel centers and improvements in our supply chain and information technology”. Weis offers curbside pickup in 125 stores and 174 stores offer home delivery via Shipt.

For FY 2018 ending December 29th, net sales attained $3.5 billion, a 1.2 percent increase over the preceding fiscal year. Net income declined by 36 percent to $62.7 million generating an EPS of $2.33 compared to $3.66 for fiscal 2017. The discrepancy in earnings was in part due to a tax provision in fiscal 2018 of $19.4 million compared to a tax benefit of $19.4 million in the preceding year. Operating income for fiscal 2018 increased by 9.4 percent. During the year, online orders increased by 33.2 percent.