FINANCE

7-Eleven acquires 143 locations in South Texas

BY Katherine Boccaccio

Dallas — 7-Eleven announced Thursday that it has acquired 143 Speedy Stop and Tigermarket retail locations from C. L. Thomas, of Victoria, Texas.

The acquisition, which closed Dec. 31, increases 7-Eleven stores’ footprint in San Antonio, where recently the country’s largest convenience retailer purchased 25 stores as part of its acquisition from TETCO. It also adds to 7-Eleven’s growing fuel wholesale-delivery business because the acquisition includes gasoline distribution to approximately 150 dealer-operated sites.

"We continue to build our presence in a rapidly growing area of the U.S., along the I-35 corridor from north of Dallas/Fort Worth to the Mexican border," said Stan Reynolds, 7-Eleven EVP and CFO. "We expect to grow to more than 700 7-Eleven stores in Texas from last year’s 342 with this and other acquisitions we’ve made in 2012."

The company also said it will remodel and rebrand a significant number of the locations in 2013.

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OPERATIONS

Consumer confidence rises on hiring advance

BY Katherine Boccaccio

Washington, D.C. — A report released Thursday by Bloomberg showed that consumer sentiment climbed last week and U.S. companies added more workers than projected in December.

The Bloomberg Consumer Comfort Index rose to minus 31.8 in the period ended Dec. 30, its highest since April, from minus 32.1 a week earlier, according to the report. Figures from the ADP Research Institute showed a 215,000 increase in employment, the largest since February, while the Labor Department said more Americans filed claims for jobless benefits last week.

“The economy is growing quite well,” David Sloan, a New York-based senior economist at 4Cast Inc., told Bloomberg. “The labor market seems to be expanding at a fairly solid pace. Consumer spending will continue to grow, but slowly.”

The pickup in U.S. hiring may be helping to boost Americans’ confidence. For the year, the Bloomberg Consumer Comfort Index climbed 12.9 points, the biggest annual improvement since 1998.

Last week’s gains were broad-based, indicating even wealthier households were less concerned about tax increases and fiscal policy challenges heading into 2013. The report showed sentiment among Americans earning $100,000 or more was the highest in more than two years.

For all of 2012, the comfort index averaged minus 38.1, the highest since 2007. Nonetheless, it remains below its long-term average of minus 15.8.

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FINANCE

Rite Aid reports 2.2% decrease in comps for December

BY Alaric Dearment

New York — A shift in the New Year’s holiday calendar and the introduction of new generic drugs contributed to a decrease in same-store sales for the month of December at Rite Aid, the retail pharmacy chain said Thursday.

Rite Aid reported a 2.2% decrease in comps for the four-week period that ended Saturday, including a 1% decrease in front-end comps and a 2.9% decrease in pharmacy comps.

Total sales for the four-week period decreased by 2.7%, to $2.054 billion, compared with $2.112 billion in December 2011.

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A.Wilsom says:
Jan-07-2013 06:49 am

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A.Wilsom says:
Jan-07-2013 06:49 am

Thanks that's very useful information. The introduction of new generic drug has reduced the competitions between pharmacies. Nowadays, drugs are very costly most of the people can't afford it, that's why they prefer to buy online. For that reason you can see many people buying generic drugs like silagra, kamagra, penegra etc online.

Polls

Consumer confidence is high. Is that reflected in your stores’ revenues?

View Results

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