Weis Markets, Inc. announced a capital budget of $102.8 million in 2010, a 27% increase over last year.
Weis Markets, Inc. said that the increased spending would be used to increase and update the store base of the company. This would include up to 3 new stores, 2 expansions and 23 remodeling of existing stores. The company would also use some of the extra capital to increase its investment in technology infrastructure to support the increased sales growth.
David J. Hepfinger, the CEO of Weis Markets, Inc., said, “We have significantly increased our IT investments over the past two years. Our success as a company will depend on our ability to develop and incorporate rigorous analytics that give us better insight into our business and helps us increase our sales and profits.”
Weis Markets, Inc. also approved its regular quarterly dividend of $0.29 per share, payable on 5/24/2010, to shareholders of record on 5/10/2010. The stock pays an approximate yield of 3%.
Weis Markets, Inc. owns and operates a chain of supermarkets in New York, Pennsylvania, New Jersey, Maryland and West Virginia. The company also operates stores under the brand names of Save-A-Lot and Scot’s Lo-Cost.