Susser Holdings Sees Same-Store Sales Increase
CORPUS CHRISTI, Texas -- Susser Holdings Corp. expects to report same-store merchandise sales growth for the third quarter of 2010 of approximately 3.4 percent. Retail average per-store fuel volumes are expected to increase by 3.9 percent year-over-year, the convenience store operator said in a statement.
For the first nine months of 2010, the company expects to report same-store merchandise sales growth of 3 percent and retail average per-store fuel volume growth of approximately 1.8 percent.
On Oct. 11, Susser Holdings completed the acquisition of 39 long-term fuel supply agreements to wholesale dealer sites in Texas and Oklahoma. As part of the transaction, the company also acquired one c-store in Houston in September. The transaction was funded with cash and is expected to be immediately accretive to earnings. Terms were not disclosed and 'the transaction value was not material," the company said.
The company also opened four new retail stores during the third quarter, including the one acquired, for a total of 525 retail stores at the end of the quarter. Two additional stores have opened and one smaller store has been closed to date in the fourth quarter, with another five retail stores under construction and expected to open by year-end.
In its wholesale segment, Susser Holdings added three dealer sites and discontinued seven during the third quarter, for a total of 383 dealer sites as of the end of the period. Following the 39-site acquisition in October, the company now supplies motor fuel to approximately 420 wholesale dealer sites. Susser will release its third quarter 2010 financial and operating results on Nov. 9, before the market opens.