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Susser Holdings Corporation (NYSE: SUSS) and Susser Petroleum Partners LP (NYSE: SUSP) today provided partial operating results for the fourth quarter and full year 2012.
For the fourth quarter of 2012, Susser Holdings (the “Company”) expects to report:
* Same-store merchandise sales growth of approximately 5.8 percent, compared to growth of 5.0 percent for the year-earlier period.
* 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.
* Retail average per-store fuel volume growth of approximately 5.8 percent, compared to growth of 4.9 percent for the prior year.
New Locations Update
Susser Holdings opened a record 10 new Stripes® convenience stores during the fourth quarter, for a total of 25 new retail stores opened in 2012. In addition, the Company converted two retail stores to dealer locations in the fourth quarter – for a total of three converted for the full year – and closed one smaller store, or a total of four closures during the full year. The Company operated 559 Stripes stores at year-end, a net increase of 18 stores added in 2012. The Company expects to build 29 to 35 new Stripes convenience stores in 2013, of which 12 are currently under construction.
Thirteen new dealer sites were added in the wholesale segment in the fourth quarter, for a total of 39 for the full year, and 6 sites were discontinued in the final quarter, or 25 for the full year. At year end 2012, the Company supplied 579 contracted branded sites, a net increase of 14 for the year. As of year end, the contracted sites consisted of 91 consignment locations and 488 other independent dealer contracts.
Financing Update
Susser Petroleum Partners (the “Partnership”) purchased two additional Stripes® stores from Susser Holdings on January 14. Since Susser Petroleum Partners began operating as an independent master limited partnership in September 2012, the partnership has acquired a total of 10 new stores, pursuant to a sale leaseback option from Stripes, for a total cost of $36.7 million. The Partnership has also acquired two additional dealer sites from unaffiliated third parties. The Partnership expects to complete the acquisition of five additional Stripes® stores by April 2013.
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