CORPUS CHRISTI, Texas -- Susser Holdings Corp. said yesterday in a preview of its operating results for the third quarter of 2009 that it expects to report same-store merchandise sales growth for the period of approximately 4%. And it expects retail average per-store fuel volumes to increase by 5.5% year-over-year. Susser will release its third-quarter 2009 financial and operating results on November 4, it said.
For the first nine months of the year, Susser expects to report an increase in same-store merchandise sales of approximately 4.8% year-over-year. And the company [image-nocss] expects retail average per-store fuel volumes to be 5.5% higher for the nine-month period, it said.
During the period, as reported in CSP Daily News, Susser Holdings completed its previously announced acquisition of 25 c-stores located in Texas and Louisiana. Susser acquired the stores from San Diego-based Jack in the Box Inc., and each location is co-branded with a Jack in the Box restaurant, all of which are being retained by Jack in the Box Inc. Terms were not disclosed.
The acquisition includes leaseholds for 24 stores and the real-estate underlying one property; 23 stores are located across Texas, and two are in Louisiana, Susser's first stores in the Pelican State.
"Texas is our sweet spot, but Texas and the surrounding states is really our primary focus," Mary Sullivan, chief financial officer of Susser Holdings, told CSP Daily News when the acquisition was first announced in early August. "[This deal] does give us some different areas in Texas that we're not currently in, and then the two in Louisiana."
Of the 25 stores, the company anticipates that four to seven of the Texas stores will be operated by Susser's retail segment and will be rebranded to Susser's proprietary Stripes brand. It is also anticipated that the remaining 18 to 21 stores will be operated by independent dealers under long-term sublease and fuel supply agreements with Susser's wholesale fuel division. Sixteen of the 21 stores have already been converted to the dealer operation, including the one fee property.
"This transaction underscores the strategic importance of having a strong wholesale fuel business along with the retail platform," said Sam L. Susser, president and CEO.
Corpus Christi, Texas-based Susser Holdings is a third-generation, family-led business that operates more than 520 convenience stores in Texas, New Mexico and Oklahoma under the Stripes and Town & Country banners. Restaurant service is available in more than 300 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.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.