Easter Surprise for Susser
Same-store sales up for second quarter, although fuel volume down
CORPUS CHRISTI, Texas -- Susser Holdings Corp. and Susser Petroleum Partners LP provided partial operating results for the second quarter and first half of 2014.
Susser Holdings said it expects to report same-store merchandise sales growth of approximately 4% for the second quarter, which included the Easter holiday, versus growth of 2.2% a year ago. Last year, Easter fell in the first quarter. For first-half 2014, same-store sales growth is expected to be approximately 3%, compared with growth of 3.2% for the first half of last year.
It said it expects to report a retail average per-store fuel volume decline of approximately 0.4% for the second quarter, versus growth of 5.5% a year earlier. Excluding the Sac-N-Pac locations acquired in January, retail average per-store fuel volumes grew by 2% year-over-year. For first-half 2014, a retail average per-store fuel volume increase of an estimated 0.8%, or 3.1% excluding the Sac-N-Pac stores, versus growth of 4.9% in first-half 2013.
Susser Petroleum Partners said it expects to report total gallons sold of 462 million for the second quarter, a 19% increase compared with a year ago. Total gallons sold of 895 million for first-half 2014, an 18% increase compared to first-half 2013.
Susser Holdings opened five new large-format Stripes convenience stores and acquired two c-stores during second-quarter 2014. As of June 29, the company operated a total of 636 retail stores, of which 408 include a restaurant concept, primarily Laredo Taco Co.
Year to date the Company has added 57 retail stores, including 49 acquired stores and eight newly-built stores, including one store opened early in the third quarter. Eighteen new retail stores are currently under construction.
Susser Holdings and Susser Petroleum Partners completed sale leaseback transactions for six new retail locations in the second quarter for a total cost of $31 million. Year to date, Susser has completed 13 sale/leaseback transactions for a total of $58.6 million.
It added 11 new contracted sites in the wholesale segment in the second quarter, and discontinued three for a total of 624 contracted branded sites as of June 30. Year to date, Susser has added a total of 38 dealer sites and discontinued five.
Susser Holdings, Corpus Christi, Texas, operates approximately 635 convenience stores in Texas, New Mexico and Oklahoma under the Stripes and Sac-N-Pac banners. Restaurant service is available in more than 405 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, 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.