MAPCO Continues Thinking Large
BRENTWOOD, Tenn. — Delek US Holdings Inc. is making good on its promise to focus on building new large-format MAPCO Express stores, the company reported Thursday during its 2014 third-quarter earnings call. Four such stores opened their doors during the quarter.
This brings the total to 63 large-format stores out of the 366 locations in Delek's portfolio. One more large-format store is planned to open before the end of the year, keeping with the retailer's previously stated goals for expansion.
"Our financial position remains strong," Chairman, President and CEO Uzi Yemin stated during the call.
Delek reported $72.5 million in third-quarter net income, compared to a net loss of $1.7 million during the same quarter of 2013.
Year-over-year retail sales improved in both fuel gallons sold — which rose from 102.5 million to 116.1 million — and merchandise sales — which rose from $102.6 million to $107 million. Additionally, on a same-store sales basis, fuel gallons increased 5.1 percent and merchandise sales increased 2.5 percent from one year ago.
Delek's retail segment contribution margin decreased slightly year over year due to credit card, advertising and employee related expenses, but this was partially offset by the higher sales, company officials reported.
Brentwood, Tenn.-based Delek US operates convenience stores and gas stations under the MAPCO Express, MAPCO Mart, East Coast, Fast Food and Fuel, Favorite Markets, Delta Express and Discount Food Mart banners.