Susser Holdings Expects Q2 Earnings Increase

CORPUS CHRISTI, Texas -- Susser Holdings Corp. expects to report nearly across-the-board sales and profit increases when it officially announces its 2012 fiscal second-quarter earnings on Aug. 8.

The parent of Stripes convenience stores issued an investor update today that its expects same-store merchandise sales growth of 8 percent; a total merchandise sales increase of 11.8 percent; average per-sore fuel volume growth of 8 percent; and total retail fuel gallons to rise by 10.7 percent compared to its 2011 second quarter.

In addition, Susser Holdings said that for the quarter ending July 1, 2012, it expects that total wholesale fuels sold should rise by 19.8 percent and gross profits should reach between $177 - $182, compared to $158.9 million during the same period last year.

Average merchandise margins, retail fuel margins and wholesale fuel margins are expected to be flat or slightly higher than last year, reported Susser Holdings.

Susser Holdings opened six large-format Stripes c-stores and closed one smaller c-store during its fiscal second quarter. As of today, it now operates 546 Stripes locations.

The c-store chain added that it expect to build 25 to 30 new stores in fiscal 2012 and another 28 to 35 sites in 2013.

The operator of 545 convenience stores also announced that its largest shareholder, Wellspring Capital Management, will sell 4 million Susser Holdings shares. The underwriters of the transaction also have an option to purchase an additional 600,000 shares of Susser Holdings common stock if they so choose.

BofA Merrill Lynch, Jeffries and BMO Capital Markets are the joint book-running managers for the offering. The number of current outstanding shares of Susser Holdings -- 20,956,237 as of July 1 -- will not be affected.