SUNBURY, Pa. -- Weis Markets here said in its annual meeting held April 9 that it plans to invest $67.4 million over the next year in building five superstores, remodeling 12 units and improving its technology platform.
e; the completed implementation of new distribution, scale management and purchasing systems; and the continued rollout of self-scan units, which Rich said are now in 53 stores.
"Today, we operate in a rapidly changing marketplace. Our customers are changing and so is our business. Our technology investments will help us meet these new challenges."
Robert F. Weis, chairman, reviewed the company's performance in 2001 for the shareholders present. He said that 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 also said the company's expansion program resulted in the investment of $48.1 million 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 remodeled or expanded 68 others. Weis noted this accounts for more than 70% of its store base.
Also during the meeting, the Weis Markets board elected William R. Mills, current board member and corporate secretary, as treasurer.
