Happy First Birthday, CST Brands
One-year milestones include new-store growth, new products, charity events
SAN ANTONIO, Texas -- CST Brands Inc., the parent company of the Corner Store convenience store chain, marked its one-year anniversary as a standalone company on Thursday, celebrating milestones such as building 29 new stores, introducing new signature products and creating the Country Run, an event to benefit local children's groups and charities.
When San Antonio, Texas-based CST spun off of Valero on May 1, 2013, the new company entered the market as one of the largest publicly traded fuel and convenience merchandise retailers in North America. With nearly 1,900 locations in the United States and Canada, CST serves more than 1.4 million customers every day.
Over the past year, CST has achieved solid operational results and strengthened its financial position, reporting revenues of $12.8 billion, net income of $139 million and earnings of $1.84 per share. The company launched its growth initiatives by opening 29 new stores within its first 12 months as a standalone company.
To promote the company's business strategies, CST adopted a new mission statement, "To Delight More Customers Every Day," and has put more focus on supporting CST's more than 11,000 store-based employees.
CST's chairman and CEO, Kim Bowers, visited 100 stores in her first 100 days in office, and encourages all executives and professional staff spend a certain number of days each year working in stores through a program called Corner Store Time.
"Our achievements in our first year of operations have positioned us to grow organically and expand our business to increase our overall customer base, providing a solid foundation for our future," said Bowers. "For 2014, we are focused on creating even greater value for our shareholders by expanding our footprint, strengthening our Corner Store brand, increasing our operating margins and growing our wholesale business."
In June 2013, CST hosted a grand opening for its largest Corner Store to date, a 10,100-square-foot travel center in Three Rivers, Texas, an agricultural and oil field community in the heart of the Eagle Ford Shale. CST's strategy is to build more new stores from the ground up, allowing for larger, more spacious stores and a larger selection of hot and cold food and beverages.