Sales increased 6.6% to $2.5 billion.
Core-Mark Holding Co. Inc., one of the largest marketers of fresh and broad-line supply solutions to the convenience retail industry in North America, announced financial results for the first quarter ended March 31, 2015.
“Core-Mark’s first quarter results gives us a solid start for 2015. I am very pleased with the growth of 5.5% in our non-cigarette comparable same store sales and the 2.0% growth in comparable same store carton sales,” said Thomas Perkins, president and CEO. “We have real momentum and are very optimistic about our earnings potential in 2015.”
First Quarter Results
Net sales increased 6.6% to $2.5 billion for the first quarter of 2015 compared to $2.3 billion for the same period in 2014.
Excluding the impact of foreign currency fluctuations, net sales increased 8.1%. Non-cigarette sales grew 7.2% while cigarette sales increased 6.3%. We experienced net sales growth from our existing customers. Non-cigarette sales also benefited from the execution of our core strategies and cigarettes by market share gains. In addition, industry reports suggest lower fuel prices contributed to higher sales in the convenience industry.
Gross profit increased 10.4% to $137.3 million for the first quarter of 2015 compared to $124.4 million for the same period in 2014. Remaining gross profit increased 8.8% to $137.8 million. Non-cigarette remaining gross profit increased 10.5% compared to the same quarter last year while cigarette remaining gross profit increased 4.3%. The following table reconciles the components of gross profit.