Company News

EG Group Fourth-Quarter Earnings Bring Forth Concentrations in Foodservice, Tech, More

Convenience-store retailer's global grocery, merchandise profit grew 2.6%, foodservice 15% in 2023
Cumberland Farms convenience store
Photograph courtesy of EG America

EG Group’s strategy following the release of its 2023 global fourth-quarter results includes a number of key initiatives with a focus on the dispensed beverage offering and growth in foodservice earnings. It also includes expansion of the SmartPay program to enhance the customer experience and with a focus on loyalty and rewards. This is underpinned by a focused efficiency program to enhance profitability.

  • EG America is No. 5 on CSP’s 2023 Top 202 ranking of c-store chains by number of company-owned retail outlets.

"We are focused on maximizing the future earnings potential of the group and have identified a number of local initiatives to grow and enhance performance across all of our markets,” said Zuber Issa and Mohsin Issa, co-founders and co-CEOs of EG Group. "Looking ahead, we are confident that EG Group is well positioned for future growth and success. We are focused on ensuring that the Group executes its compelling strategy and would like to thank all colleagues for their hard work over the previous year."

In the fourth quarter, grocery and merchandise continued to perform well across the group with sales up 1%, reflecting the continued focus on product mix, pricing and site investment.

In foodservice, sales of $309 million in the fourth quarter represented an increase of 10% versus last year.

Fuel gross profit was up 2% versus the prior comparative period, with an improved performance in Germany partially offset by performance in the United States and France, where there were competitive market conditions.

During the fourth quarter, EG Group installed and began charging from a further 24 chargers located over 18 sites, resulting in 165 chargers over 79 sites across its stores globally as at the end of the year.

In the last year, total gross profit for grocery and merchandising grew 2.6%, while continued growth in foodservice drove an increase in gross profit of 15% for the segment over the full 12 months. Following strong fuel performance in the prior year and against a backdrop of oil price volatility, fuel gross profit decreased year over year.

EG Group also completed the sale and leaseback transaction in the United States and other U.S. non-core asset disposals in 2023, which generated combined proceeds of around $4 billion to decrease debt from around $10 billion at Jan. 1, 2023, to about $6 billion at Dec. 31, 2023.

Founded in 2001 by co-CEOs Moshin and Zuber Issa, the Blackburn, U.K.-based EG Group is a leading independent convenience retailer, which has established partnerships with global brands, as well as a focused portfolio of proprietary brands.

EG Group currently has more than 6,600 sites across the United Kingdom and Ireland, Europe, the United States and Australia. With more than 1,600 U.S. retail locations, EG America operates Cumberland Farms, Certified Oil, Fastrac, Kwik Shop, Loaf N’ Jug, Minit Mart, Sprint Food Stores, Tom Thumb, Turkey Hill and Quik Stop stores.

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