Total sales last year were $1.26 billion, compared to $1.3 billion in 2008, said the report.
Based in Saratoga Springs, N.Y., Stewart's has 327 stores in upstate New York and southern Vermont.
Even though total sales fell, profits were up, Gary Dake, company president, told the newspaper. One of the reasons [image-nocss] was a shift from selling national brand products to those with the Stewart's private label.
"Our stability means we have continued growth versus making any drastic operational changes or layoffs," Dake said. "We also expect to increase our number of shops in 2010, as well as renovate and rebuild more of our existing shops."
Stewart's actually sold more gallons of gasoline in 2009 than the year before, the report added, but because prices fell, the revenue was less, Tom Mailey, a company spokesperson, told the Business Review.
Stewart's does not release specific figures on in-store sales and gasoline sales.
The company operated one additional store in 2009, which is located across from the City Center in downtown Saratoga Springs, said the report.
The company's solid financial performance meant one-third of the company stock owned by the employees appreciated 8%. The company contributed $11 million to the retirement plan, which is a 100% company-paid benefit. Of the 4,000-plus employees, about 2,800 participate in the retirement plan.
"Given the continuing turbulent times we all continue to face, we are fortunate to be a stable company with increased profits," Gary Dake told The Saratogian in a separate report. That stability allows the company to avoid drastic operational changes or layoffs, such as other segments of the economy have seen, he said.
Dake said he also expects the company will increase its number of shops in 2010 and renovate and rebuild many of its existing shops, he told the Saratogian.
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