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7-Eleven Gives Q1 Thumbs-Up

DALLAS-Convenience-store giant 7-Eleven reports strong merchandise sales and increased profits during the first quarter.

By Dana Dubriwny | Updated on April 26, 2005

DALLAS-Driven by strong merchandise sales, 7-Eleven’s total revenues for the first quarter increased 8.7% to $3 billion. Sales were attributed to the convenience-retailers’ initiative of fresh-food offerings, gasoline profits and the company’s pairing with successfully branded suppliers.

“I am pleased to report steady improvement in our financial performance with the best core earning results in over 10 years,” Jim Keyes, president and CEO, told investors in a conference call Tuesday announcing Q1 earnings. “Overall, it was a solid performance this quarter based on merchandise sales and gross profit and steady profit on gasoline given the very challenging environment we’ve been in.”

Total merchandise sales increased 5% to $1.9 billion, which was a result of a 4.6% increase in US same-store merchandise sales–marking the 34th-quarter increase–on top of a 6.1% increase in the first quarter of 2004. Categories contributing to a merchandise sales increase included fresh food, hot and cold beverages, cigarettes and services.

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