7-Eleven Sales Up on Gas Prices

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7-Eleven Sales Up on Gas Prices

05/11/2005
DALLAS -- Convenience store giant 7-Eleven Inc. posted a moderate gain in same-store sales in April, when higher gasoline prices drove a sharp rise in retail sales for the period.

At stores open at least a year, merchandise sales grew 5.7 percent last month, compared with a gain of 8.2 percent in the year-ago period.

Overall sales totaled $1.11 billion, up 12.3 percent from $987.2 million a year earlier. Merchandise sales of $690.7 million were up 6.6 percent from $647.7 million, 7-Eleven said.

Meanwhile, gasoline sales swelled 23 percent to $418.5 million, with a 24 percent boost in the average price per gallon offsetting a 0.7 percent decline in total volume.

So far this year, same-store merchandise sales have grown 4.9 percent, following a 6.6 percent increase the year before, the company said.

Overall merchandise sales were up 5.1 percent to $2.56 billion, while gas sales grew 17.7 percent to $1.49 billion. Average gallons sold per store increased 0.7 percent as the average price expanded 18.5 percent.