Susser Opens Record 10 New Stripes Stores in 4th Quarter

Published in CSP Daily News

Expects same-store merchandise sales growth of 5.8%

CORPUS CHRISTI, Texas -- Susser Holdings Corp. said that for fourth-quarter 2012, it expects to report same-store merchandise sales growth of approximately 5.8%, compared to growth of 5% for the year-earlier period, and retail average per-store fuel volume growth of approximately 3.1%, compared to growth of 7.2% for the prior-year period.

For the full year 2012, the company expects to report same-store merchandise sales growth of approximately 6.6%, compared to growth of 6.0% in fiscal 2011, and retail average per-store fuel volume growth of approximately 5.8%, compared to growth of 4.9% for the prior year, it said.

Susser Holdings opened a record 10 new Stripes convenience stores during the fourth quarter, for a total of 25 new retail stores opened in 2012. In addition, it converted two retail stores to dealer locations in the fourth quarter--for a total of three converted for the full year--and closed one smaller store, or a total of four closures during the full year. The company operated 559 Stripes stores at year-end, a net increase of 18 stores added in 2012. The company expects to build 29 to 35 new Stripes stores in 2013, of which 12 are currently under construction.

It added 13 new dealer sites in the wholesale segment in the fourth quarter, for a total of 39 for the full year, and it discontinued six sites in the final quarter, or 25 for the full year. At year end 2012, the company supplied 579 contracted branded sites, a net increase of 14 for the year. As of yearend, the contracted sites consisted of 91 consignment locations and 488 other independent dealer contracts.

Susser Petroleum Partners purchased two additional Stripes stores from Susser Holdings on Jan. 14. Since Susser Petroleum Partners began operating as an independent master limited partnership (MLP) in September 2012, the partnership has acquired a total of 10 new stores, pursuant to a sale-leaseback option from Stripes, for a total cost of $36.7 million. The partnership has also acquired two additional dealer sites from unaffiliated third parties. The partnership expects to complete the acquisition of five additional Stripes stores by April 2013.

Susser Holdings is a third-generation, family-led business based in Corpus Christi, Texas, that operates more than 555 c-stores in Texas, New Mexico and Oklahoma under the Stripes banner. Restaurant service is available in more than 350 of its stores, primarily under the proprietary Laredo Taco Co. brand. Susser Holdings also is majority owner and owns the general partner of Susser Petroleum Partners LP, which distributes over 1.4 billion gallons of motor fuel annually to Stripes stores, independently operated consignment locations, c-stores and retail fuel outlets operated by independent operators and other commercial customers in Texas, New Mexico, Oklahoma and Louisiana.