As Marathon Petroleum cuts costs, fuel prices continue to climb, resulting in high Q3 profits. Marathon Petroleum Corp., which split from Marathon Oil Corp. earlier this year, reported soaring third quarter profits this week, according to Bloomberg Businessweek. Earnings totaled $1.13 billion, or $3.16 per share, for the three months ended Sept. 30, more than…
Susser Expects To Report Q3 Growth
Susser anticipates same-store merchandise sales growth ahead of its third quarter results release. Susser Holdings Corp. expects to report same-store merchandise sales growth for the third quarter of 2011 of approximately 7.4% versus the third quarter of 2010. Meanwhile, retail average per-store fuel volumes are expected to increase by 5.6% year-over-year. For the first three…
Motivating Employees in a Challenging Economy
Some chains just don’t have the financial resources to give out much-deserved raises and bonuses, but there are other ways to show your staff you appreciate their hard work. By John Lofstock, Editor. To say the least, the past few years haven’t been the best for business. While we have weathered a brutal recession, it’s…
Time For Business Planning!
John Matthews, founder and president of Gray Cat Enterprises Inc. “It’s the most wonderful time of the year . . .” Ah yes, the annual business planning cycle is upon us. The time of the year to huddle all of your business colleagues in a room to hash out the key initiatives for the upcoming…
The Business of Growing
Overcoming the top nine challenges for effectively growing your retail business requires true leadership and patience. By John Lofstock, Editor. The hardest step entrepreneurs take is getting their startup off the ground once and for all. The second hardest step is growing it into the best business it can be. What today’s entrepreneurs and aspiring…
McLane-NATSO Quarterly Index Up 24%
Hot dispensed beverages up 54% for the three-month period, ended June 30, 2011. Total merchandise purchases by truckstops nationwide served by McLane Corp. increased 24% during the 2011 second quarter, compared with a year earlier, led largely by hot and cold beverage sales along with commissary, foodservice, dairy and deli sales, according to the McLane-NATSO…
Tax Savings After the Deadline
With operating costs soaring in a sluggish economy, convenience store owners have a variety of tax benefits available to them from the IRS. By Mark E. Battersby, Contributing Editor. Earlier this year, the Internal Revenue Service advised taxpayers to cool their heels and wait until mid- to late-February 2011 before filing their returns to allow…
Inside Sales Drive Casey’s Strong Q1 Numbers
Casey’s annual goal is to increase same-store sales 5.8% with an average margin of 32.8%, and to grow it’s store count by 4-6%. Casey’s General Stores Inc. is off to a strong start in fiscal 2012 strong with a “record quarter.” The c-store chain has reported basic earnings per share of $1.04 for the first…
Breaking News: Sunoco Selling Refineries
“Given the unacceptable financial performance of these assets, it is clear that it is in the best interests of shareholders to exit this business,” says Sunoco CEO. Sunoco Inc. announced today, Tuesday, Sept. 6, 2011, that it plans to exit the refining business. Philadelphia-based Sunoco, which owns two refineries—one in Philadelphia and one in Marcus…
Hess Reports Q2 Financial Results
Hess Corp. releases its second quarter estimated results for 2011, including a net income increase compared with one year ago. Hess Corp. reported net income of $607 million for the second quarter of 2011, which is up from $375 million for the second quarter of 2010. The after-tax income (loss) by major operating activity was…