According to a posting in the FMI Daily Lead, Weis Markets will invest more than $160 million for a new location and 20 remodel projects. The company intends to establish six fuel centers and will invest in technology upgrades. The chain is also planning five new locations. In commenting on these projects, Jonathan H. Weis, Chairman, president and CEO, noted that “Record inflation put an enormous strain on our customers’ budgets. In response, we continue to expand our low, low-price program in 2022. It now includes more than 9,000 of our best-selling grocery, frozen and produce items.”
For Fiscal 2022 ending December 31st, 2022, Weis Markets generated a net income of $125.2 million on sales of $4,696 million. The Company generated a gross margin of 25.2 percent, an operating margin of 3.3 percent and a profit margin of 2.7 percent.
Weis Markets (WMK) has traded over the past 52 weeks in a range of $71.05 to $95.57 with a 50-day moving average of $83.04.
The company has a market capitalization of $2,220 million. Forty percent of the equity is held by insiders and 37 percent by institutions. On April 14th, 7.2 percent of the float was short.