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WALTHAM, Mass. – Global Partners LP grew its convenience store count by approximately 25 newly acquired and rebranded locations during the first quarter of 2014, President and CEO Eric Slifka reported Thursday during the company's earnings call.
The master limited partnership also expanded the foodservice offerings at its Alltown c-stores during the quarter.
Global Partners currently operates more than 900 convenience stores under the Alltown, Fast Freddie's and Mr. Mike's banners in Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont.
"We have begun 2014 with strong momentum and are positioned to execute on our strategic growth objectives," Slifka said.
Global Partners generated $57 million in net profit for the first quarter of 2014, compared to a net loss of $22.1 million for Q1 2013.
"All segments of our business contributed to the strong results in the first quarter," Slifka said, adding that the wholesale segment of the company performed especially well. He noted that the extremely cold temperatures and severe weather that occurred during the quarter caused "significant supply and demand imbalances," but allowed the company to capitalize on its product diversification to drive volume and margin through its system.