Stripes Same-Store Slumps vs. Year Ago

Susser provides first-quarter 2014 operating results update

CORPUS CHRISTI, Texas -- Susser Holdings Corp. and Susser Petroleum Partners LP have provided partial operating results for first-quarter 2014. Susser Holdings said it expects to report same-store merchandise sales growth of approximately 1.9%, compared to growth of 4.2% for the year-earlier period, which included the Easter holiday.

This year, Easter falls in the second quarter.

Retail average per-store fuel volume growth of approximately 2%, compared to growth of 4.1% for the year-earlier period. Excluding the 47 Sac-N-Pac stores acquired at the end of January, the average gallons per store grew by 4.2% compared to first-quarter 2013.

Susser Petroleum Partners expects to report total gallons sold of approximately 433 million for the first quarter, an increase of approximately 18% over first-quarter 2013.

Susser Holdings opened two new Stripes convenience stores during the first quarter and acquired 47 convenience stores at the end of January that are currently operating under the Sac-N-Pac brand. The company operated 629 c-stores as of the end of March, 402 of which included an in-store restaurant offering. It has acquired one additional c-store to date in the second quarter, and currently has 17 under construction.

It added 27 new dealer sites in the wholesale segment during the first quarter, including 19 acquired in conjunction with the Sac-N-Pac acquistion, and two sites were discontinued for a total of 616 contracted branded sites as of March 31, consisting of 99 consignment locations and 517 other independent branded dealer locations.

Susser Holdings and Susser Petroleum Partners completed sale leaseback transactions for seven new Stripes c-stores during the first quarter at a total cost of $27.3 million. Since the initial public offering (IPO) of units in Susser Petroleum Partners was completed in Sept, 2012, Susser has completed sale leaseback transactions for a total of 40 newly built c-stores at a cumulative cost of $160.7 million.

Susser Holdings is a third-generation, family-led business based in Corpus Christi, Texas that operates 630 convenience stores in Texas, New Mexico and Oklahoma, with more than 580 under the Stripes banner and 47 under the Sac-N-Pac banner. Restaurant service is available in more than 400 of its stores, primarily under the proprietary Laredo Taco Co. brand. Susser Holdings is also majority owner and owns the general partner of Susser Petroleum Partners, which distributes approximately 1.6 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, convenience stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.

 

Part of CSP's 2014 Convenience Top 101 retailers
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earnings, financial