Weis Markets Unveils Store Expansion Plans
Weis Markets is planning “record investments” in 2024 as the regional grocer will begin construction of six new stores with each planned to open in 2025.
News of the company’s expansion came during Weis’ recent annual shareholders meeting in Sunbury, Pa., on May 2.
"In addition, we have planned 11 major store remodels and 15 minor store remodels along with five new fuel centers,” said Jonathan H. Weis, chairman, president, and CEO of Weis Markets. “We will also continue to make sizable technology investments across the company which help us drive profitable sales."
News of the grocer’s expansion plan came as Weis report first-quarter results. Net sales were $1.18 billion, up 2.9% from the comparable quarter the previous year. First quarter comparable store sales excluding fuel increased 3.3% on an individual year-over-year basis and increased 6.9% on a two-year stacked basis.
Company officials estimated net sales increased $14 million because of the Easter holiday occurring in the first quarter in 2024 compared to the second quarter in 2023.
Weis’ first quarter net income was $23.17 million compared to $25.81 million in 2023, down 10.3%. First quarter earnings per share totaled $0.86 compared to $0.96 per share in 2023.
"Our first quarter 2024 results, which benefited from the Easter holiday shift, are in line with our expectations thanks to the continuing efforts of associates at every level of our company," said Weis. "We continue to navigate marketplace trends of product cost and third-party services inflation, declining government benefits, and the increasing mix of our pharmacy retail business, which has a lower margin than our grocery business.
He noted the company also increased investments in its associates, technologies, and facilities that improve efficiencies and enhance customer experience.