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Susser Holdings Corp. (SUSS) Reports 2009 Profit

Susser Holdings Corp. reported net income of $2.1 million, or $0.12 per diluted share, in 2009, a decline from the $16.5 million, or $0.97 per diluted share, earned in 2008.

Revenues were reported at $3.3 billion in 2009, down from $4.4 billion in 2008. Susser Holdings Corporation attributed the decline to a large drop in the price of fuel, which was reflected in fuel sales across the company’s stores.

Merchandise revenues increased 7.5% in 2009, to $784.4 million, from $729.9 million in 2008. Same-store merchandise sales for Susser Holdings Corporation increased 3.3% in 2009. The company provided guidance of a same-store merchandise sales range of 0-4% for fiscal year 2010.

Sam L. Susser, the CEO of Susser Holdings Corporation, said, “We finally began to feel the full impact of the nationwide economic downturn across all of our markets during the fourth quarter. The Company’s business is historically seasonal, producing the bulk of its operating cash flow in the second and third quarters.”

Susser Holdings Corporation opened 15 new retail stores in 2009, and closed 2, giving the company a total of 525 at year-end. The company’s store base is mainly in the Southwest United States, where it owns the Stripes and Town and County Brands.

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