Susser Breaks Its Store Opening Record Again

1/15/2013

CORPUS CHRISTI, Texas – Susser Holdings Corp. broke its own record for the most stores opened during one quarter for the second quarter in a row, the company reported today during its fourth quarter 2012 operating results update. Ten new Stripes convenience stores opened their doors during Q4 2012, for a total of 25 new stores opened during the calendar year.

Additionally, Susser converted two retail stores to dealer locations during Q4, for a total of three conversions during the full year, and closed one smaller store, for a total of four closures during 2012. At year-end, Susser stated it operated 559 Stripes stores, a net increase of 18 stores added in 2012.

As for future construction, the company expects to build 29 to 35 new Stripes stores in 2013, 12 of which are already under construction.

In the wholesale segment, Susser added 13 new dealer sites during Q4 2012, for a total of 39 during the full year, and discontinued six sites, or 25 for the full year. At year-end, the company supplied 579 contracted branded sites, a net increase of 14 for the year. Of these sites, 91 were consignment locations and 488 were independent dealer contracts.

Susser Holdings also expects to report that during 4Q 2012:

Same-store merchandise sales growth of approximately 5.8 percent, compared to growth of 5.0 percent for the year-earlier period; and
Retail average per-store fuel volume growth of approximately 3.1 percent, compared to growth of 7.2 percent for the prior-year period.

For the full year 2012, the company expects to report:

Same-store merchandise sales growth of approximately 6.6 percent, compared to growth of 6.0 percent in fiscal 2011; and
Retail average per-store fuel volume growth of approximately 5.8 percent, compared to growth of 4.9 percent for the prior year.

In a financing update, Susser Petroleum Partners, recently spun off from Susser Holdings, reported the purchase of two additional Stripes stores from Susser Holdings on Jan. 14. Since Susser Petroleum Partners began operating as an independent master limited partnership in September 2012, it has acquired a total of 10 new stores, pursuant to a sale leaseback option from Stripes, for a total cost of $36.7 million, according to the announcement. It has also acquired two additional dealer sites from unaffiliated third parties, and expects to complete the acquisition of five additional Stripes stores by April 2013.

Susser Holdings Corp. and Susser Petroleum Partners LP also plan to hold a joint Analysts Day on Thursday, March 21, at Susser Petroleum Partners' headquarters in Houston. The day will include a bus tour of several Stripes c-stores and wholesale dealer sites in the area, and will conclude with presentations by senior management of both companies.