CORPUS CHRISTI, Texas -- Susser Holdings Corp. said yesterday that it expects to report same-store merchandise sales growth for the third quarter of 2008 of approximately 4.8% on a reported basis and 6.7% on a pro forma basis. Retail average per-store fuel volumes are expected to be down 2.4% on a reported basis and down approximately 6.2% on a pro forma basis.
The pro forma comparisons reflect the combined results of Stripes and Town & Country stores as if Susser had acquired Town & Country Food Stores at the beginning of 2007.
For the first nine months of the year, Susser [image-nocss] expects to report an increase in same-store merchandise sales of approximately 6.7% on a reported basis and 8% on a pro forma basis, it said. Retail average per-store fuel volumes are expected to be up by 1.5% on a reported basis and down by approximately 1.5% on a pro forma basis.
So far in 2008, Susser has opened seven retail stores and closed two, bringing its current retail store count to 509, the company said.
A year after Susser first announced its intention to purchase the San Angelo, Texas-based Town & Country chain, the integration of the two companies is beginning to pay off to a tune five times greater than originally expected. "Now that the integration of Town & Country is complete, we'll start to realize the full synergy savings of about $500,000 a quarter," CFO Mary Sullivan said during a recent conference call. Susser will conduct a conference call and release its third-quarter 2008 results on November 5. (Click here for previous CSP Daily News coverage of Susser and its integration of Town & Country.)
Corpus Christi, Texas-based Susser Holdings is a third-generation, family-led business that currently operates convenience stores in Texas, New Mexico and Oklahoma under the Stripes and Town & Country banners. Restaurant service is available in more than 285 of its stores, primarily under the proprietary Laredo Taco Co. and Country Cookin' brands. The company also supplies branded motor fuel to approximately 380 independent dealers through its wholesale fuel division.
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