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    Uni-Marts Reports Mixed Results

    Fourth-quarter same-store sales rise, fuel volume, revenue drop.

    STATE COLLEGE, Pa.

    Uni-Marts Inc., operator of 300 convenience stores in Pennsylvania, New York, Delaware, Maryland and Virginia, said same-store sales increased 3.3 percent while gasoline gallons sold declined by 1.6 percent from the same period last year.

    For the 2001 fourth quarter Uni-Marts reported net earnings of $530,000 as compared to net earnings of $708,000 for the fourth quarter of 2000. Revenues for the quarter were $103.6 million, a 6.3-percent decrease from revenues of $110.6 million in the fourth quarter of 2000.

    "Six fewer days of operation in the current fiscal quarter compared to the fourth quarter of fiscal 2000 contributed to the decline in revenues," said Henry Sahakian, chairman and CEO of Uni-Marts. "Moreover, total gasoline sales dollars were lower in the fourth quarter of 2001 due to an 11.5-percent decline in the average retail price per gallon of gasoline sold compared to the same quarter of 2000. The decline in revenues was partially offset by a 2-percent increase in gasoline gross margin dollars during this period."

    For fiscal year 2001, Uni-Marts reported net earnings of $451,000 as compared to net earnings of $880,000 in fiscal 2000. Revenues for the current fiscal year were $422.3 million, a 21.1 percent increase over fiscal 2000 revenues of $348.7 million.

    Same-store merchandise sales increased by 3 percent for the year while gasoline gallons sold declined by 1.7 percent from 2000 levels.

    "We achieved record revenues in fiscal year 2001 as a result of the combination of additional stores in operation during the full fiscal year, contributions from higher retail petroleum prices in the first six months of the fiscal year, and increases in comparable store merchandise sales," Sahakian said. "We have a strong market presence in a very competitive industry. In fiscal 2002, our management will continue to evaluate strategic growth opportunities and remain committed to the programs designed to improve our operating structure, reduce expenses, and broaden our customer base and their level of satisfaction."

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