CST Brands Q2 net income drops; 38 new stores planned
San Antonio – Motor fuel and convenience store operator CST Brands Inc. reported net income of $32 million in the second quarter of fiscal 2014, down 22% from $41 million in the second quarter of the prior fiscal year. Until May 1, 2013, CST was still a wholly owned subsidiary of Valero and, as such, second quarter 2013 results do not include all of the expenses associated with being a public company.
CST currently expects to build 30 new stores in the U.S. and eight new stores in Canada during 2014. These new stores provide a much larger footprint, more product variety and enhanced offerings such as food service. Year to date, CST has opened 12 new stores in the U.S., and two stores in Canada.
Operating revenues rose 3% to $3.3 billion, from $3.2 billion.
“We experienced a challenging fuel environment during the second quarter, especially in the U.S., as crude oil and wholesale motor fuel prices continued this steady rise,” said Kim Bowers, chairman & CEO of CST Brands. “However, the in-store business remained strong with further improvements in merchandise sales and merchandise margins.”
Expenses cut Dover Saddlery Q2 net income; four-to-six new stores planned
Littleton, Mass. – Net income at Dover Saddlery Inc. for the second quarter decreased 26% to $261,000, compared to $355,000 achieved in second quarter 2013. Higher selling, and general and administrative expenses helped cut the net income total.
Dover Saddlery is planning to open four-to-six retail stores in 2014. Until there is greater long-term visibility on sustainable economic conditions and consumer behavior, the company is not providing guidance on other business prospects.
However, total revenues for the second quarter of 2014 increased 6.2% to $24.4 million, compared to revenues of $22.9 million achieved in second quarter 2013. Same-store sales growth of 5.8% and new store openings drove the increase in revenue.
Vitamin Shoppe hosts ‘Share the Health’ expo Aug. 16
North Bergen, N.J. – The Vitamin Shoppe will host its latest "Share the Health" expo on Aug. 16, in more than 600 stores nationwide. As part of this event, each store will offer its own specialized festivities, such as free product samples and consultations with local wellness partners.
This marks the ninth Share the Health Expo hosted by the Vitamin Shoppe since 2012. The Vitamin Shoppe stores will host wellness partners from their communities throughout the day, ranging from local gyms and spas to chiropractors and product representatives.