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Yahoo
7 days ago
- Business
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How much did c-store CEOs make in 2024?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. It's no secret that 2024 was a challenging year for convenience retailers. Not only did the tough operating environment result in less revenue for some of the largest players in the industry, but their CEOs earned less as well. While each company's situation was unique, convenience retailers across the industry faced many of the same challenges — from rising building costs and construction delays to hiring and retention woes — that left retailers in a tight financial spot heading into 2025. Total compensation packages for c-store CEOs include various stock- and equity-driven awards that fluctuate considerably. This means an executive can make several millions more — or less — in one year than they did the previous, even if their base salary is the same. Last year, executives from some of the largest publicly traded c-store retailers saw sizable changes in their earnings because of the presence or absence of these incentives. Here's how the CEOs at some of the top publicly traded c-store retailers got paid in 2024, according to C-Store Dive's analysis of Securities and Exchange Commission documents. Joseph DePinto 7-Eleven $29.6 million Joseph DePinto, 7-Eleven's CEO since 2005, earned 4.34 billion yen, or about $29.6 million in fiscal 2024 — a notable drop from the $52 million he earned in fiscal 2023, according to parent company Seven & i Holdings' last two annual securities reports. This drop came even as DePinto's salary, which Seven & i calls 'fixed compensation,' was about $2 million — higher than the $1.8 million he earned in 2023. Over 90% of DePinto's annual earnings result from performance-based incentives 'in order to encourage the achievement of performance targets,' Seven & i said in its securities reports. The company did not specify why DePinto's performance-based earnings were so much lower than in fiscal 2023. However, 7-Eleven endured significant financial setbacks last year as it faced mounting economic challenges brought on by inflation. The retailer's same-store sales fell 2.7% in fiscal 2024 and are expected to contract by another 1.5% in fiscal 2025. DePinto also resigned from Seven & i's board of directors in March. Eric Slifka Global Partners LP $14 million Eric Slifka, Global Partners' president and CEO since 2005, garnered just over $14 million in fiscal 2024, outpacing the $11 million he earned in 2023, according to the company's annual 10-K filing. On top of his $1.1 million salary — a $100,000 bump from the previous two years — Slifka's 2024 compensation increase largely resulted from various awards and non-equity plan compensation, which brought him a combined $12.8 million. His 2024 payday is a significant bump compared to what he made in the several years before 2023, including $11.5 million in 2022, $6.5 million in 2021 and $5.5 million in 2020. Slifka, who was also named Global Partners' chairman earlier this year, helped the company reach $1.1 billion in gross profits during fiscal 2024, a bump from the $974 million it garnered in 2023. Andrew Clyde Murphy USA $11 million Andrew Clyde, president and CEO of Murphy USA since 2013, saw about a $500,000 bump in his total compensation year over year, reaching just over $11 million in 2024 according to Murphy's latest proxy statement. Clyde's total compensation has now surpassed $10 million in three straight years after reaching the figure for the first time in fiscal 2022. The main catalyst for the latest increase came from about $1.5 million more in stock- and option-based awards in 2024 compared to 2023. The $500,000 bump came even as Clyde saw his salary drop by about $13,000 compared to 2023, and in a year in which Murphy saw its full-year revenue drop by about 6%. Wael Sawan Shell plc $11 million Shell CEO Wael Wawan took home $11 million in fiscal 2024, an increase from the $9.9 million he garnered the year before, according to the company's annual 20-F filing. Not only was Sawan's base salary of $1.9 million about 4% higher than in 2023, but Sawan also received about $300,000 more in annual bonuses than the prior year. Sawan's salary increased once again at the start of 2025 — by about 5.5%, according to the report. These increases came during a year in which Shell's total cash flow from operations remained essentially unchanged from 2023, but were still lower than in 2022, according to the report. Nonetheless, the company's board of directors was satisfied with his performance. 'Wael Sawan has demonstrated clear and decisive leadership, driving growth where we have a competitive advantage, and making tough decisions to pause and address performance challenges where needed,' Shell said in its 20-F report. Darren Rebelez Casey's General Stores $10.6 million Darren Rebelez, president and CEO of Casey's since 2019 and chairman since 2023, took home nearly the same amount in fiscal 2024 as he did in the previous year — about $10.6M. Only $19,000 separated the two years, according to the company's latest proxy statement. Rebelez saw his salary grow by $50,000 and earned slightly more in stock awards and slightly less in non-equity incentive plan compensation compared to 2023. Although Rebelez's earnings remained relatively unchanged, he led Casey's through a year of tremendous growth, spearheading its acquisition of CEFCO Convenience Stores — the largest deal in company history — which marked Casey's entrance into three Southern states. Will Monteleone Par Pacific Holdings $9.8 million Will Monteleone, who became CEO of Par Pacific Holdings in April 2024, took home $9.8 million in his first full year leading the convenience retailer, according to the company's latest proxy statement. This marked a significant jump from the $2 million he made in 2023 when he was company president. A notable portion of Monteleon's earnings was the more than $6.5 million he made in option awards, according to the report. His promotion came during what Par Pacific called a 'challenging financial year' in which adjusted EBITDA dropped by more than 65%, according to its annual report. Murray Auchincloss BP plc $7.2 million Murray Auchincloss took home 5.4 million pounds, or about $7.2 million in his first full year as BP's CEO since succeeding former leader Bernard Looney in January 2024. The executive's earnings were notably less than in fiscal 2023, as BP experienced what it called 'a challenging year operationally,' according to the report. The company saw declines across its customers and products business and axed its green investment strategy amid a major reset. That reset has included laying off about 5% of its global workforce and shifting its focus from renewable energy back to oil production. The shift has also impacted BP's convenience store segments, although it's unclear to what extent. Alex Miller Alimentation Couche-Tard $6.8 million Couche-Tard President and CEO Alex Miller took home about CA$9.3 million, or $6.8 million, in his first year as head of the Canadian convenience retailer. Miller assumed leadership of Couche-Tard in September 2024 after longtime exec Brian Hannasch moved into an advisory role that he'll hold through October 2026. Miller's earnings were a jump from the CA$5.6 million, or about $4 million, he took home in fiscal 2023 while he was still chief operating officer. Miller's salary during the 2024 fiscal year was just over $1 million. The bulk of his earnings came from company share units and stock options, which garnered Miller a combined $5.6 million in the fiscal year. Miller's $6.8 million earned in fiscal 2024 was only half of what Hannasch made in fiscal 2023. Miller, who has been with Couche-Tard since 2012, led the convenience retailer through a profitable fiscal year during which its revenues increased by $3.6 billion, or 5.2%, compared with fiscal 2024. A major highlight of Miller's first year as CEO was the company's $1.6 billion purchase of GetGo Café + Markets, the convenience store arm of supermarket chain Giant Eagle. Joseph Kim Sunoco $6.3 million Joseph Kim, president and CEO of Sunoco since 2018, garnered $6.3 million in fiscal 2024, a jump from the $5.5 million and $4.9 million he earned in 2023 and 2022, respectively, according to the company's annual 10-K filing. His salary was over $150,000 higher in 2024 compared to 2023 and he earned hundreds of thousands more in stock awards. Kim notably led Sunoco through one of the biggest c-store deals in recent years when the Texas-based company agreed to acquire Parkland's assets for over $9 billion. Once the deal closes, The combined company will have an enterprise value of about $25.5 billion and become the largest independent fuel distributor in the Americas. Robert Espey Parkland Corp. $6 million Parkland Corp. President and CEO Robert Espey took home $6 million in fiscal 2024, a slight decrease from the $6.2 million he garnered in 2023, according to the company's latest information circular. Espey, who's led Parkland since 2011, is set to leave the company by the end of 2025 — a move announced during Parkland's strategic review earlier this year. According to the filing, Espey's employment was technically terminated on a 'without cause basis' on April 30, and as part of his agreement to step down, he received a severance of about $5.2 million. About three weeks after Espey's resignation announcement, Parkland revealed that it agreed to sell its assets to Sunoco. Arie Kotler Arko Corp. $4.8 million Arie Kotler, president, chairman and CEO of Arko Corp., saw his total earnings dip for the second straight year in fiscal 2024, according to the company's latest proxy statement. Despite seeing his salary rise by 3% in 2024, Kotler's $4.8 million in earnings was a decrease from the $6 million he garnered in 2023. A notable difference between the two years was that Kotler did not receive any option awards in 2024, compared to the $1.3 million in option awards he earned in 2023, according to the report. Kotler's decreased earnings came after a challenging year for the company, which saw its merchandise revenue fall by $70.7 million, or 3.8%, and its fuel revenue decrease by $605.5 million, or 8.1%. Kotler told analysts earlier this year that the merchandising drop was largely due to underperforming stores that it closed or converted to dealer sites. Charles Nifong CrossAmerica Partners $1 million Charles Nifon, president and CEO of CrossAmerica Partners, earned just over $1 million in fiscal 2024, a $144,000 drop from his 2023 earnings, according to the company's latest 10-K filing. Nifong's 2024 salary of $500,000 was the same as the prior year, and the difference in his earrings was how much of his target bonus he secured. According to the report, Nifong's target bonus is 125% of his base salary, or $625,000, and he took home $223,500 of that amount in 2024 compared to over $371,000 in 2023. The report notes that Nifong's bonus payout depends on CrossAmerica 'being financially efficient' and "maximizing operational excellence' in its retail and wholesale operations. Recommended Reading How much did c-store CEOs make in 2023? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
30-07-2025
- Business
- Yahoo
FEMSA struggles in Mexico as US expansion marches forward
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Dive Brief: Fomento Económico Mexicano S.A.B. de C.V. (FEMSA) has closed 432 'underperforming' pharmacies in Mexico over the past year as foot traffic in its home country has steadily declined, executives said during the company's second-quarter earnings call on Monday. FEMSA has seen traffic declines for 'several quarters' in Mexico, which it attributes to 'a persistently weak consumer environment' and 'atypically adverse weather conditions,' CFO Martín Arias Yániz said during the call. The closures — as well as a 'significant overhead reduction' made during Q2 — aim to improve FEMSA's profitability in Mexico, he added. The expansion of FEMSA's Oxxo c-store business in the U.S. has been a major storyline in the c-store industry over the past year. Although there's no indication of that process slowing down, FEMSA's 'sustained traffic weakness in Mexico is the clear focal point' for the retailer as it moves into the second half of 2025, Yániz emphasized during the call. Dive Insight: The past quarter was especially difficult for FEMSA and Oxxo in Mexico, where the retailer 'delivered a mixed set of results,' FEMSA Chairman and CEO José Antonio Fernandez Carbajal said in the company's earnings report. While total revenue increased 6.3%, driven by FEMSA's operations outside of Mexico, revenue back home — where it operates over 23,000 Oxxo c-stores — only increased 1.4% year-over-year, while same-store sales in Mexico fell by 1.2%, according to FEMSA's earnings report. 'Our operations were geared to a stronger consumer environment than the one that materialized,' Yániz said during the call. 'Thus, our costs and expenses ran a bit ahead of actual volume and traffic.' Carbajal and Yániz said that the difficult environment notably hurt Oxxo's soft drinks, beer and tobacco sales, and Carbajal added that FEMSA is focusing on getting these categories back on track. 'We are working hard together with our supplier partners to ensure we can adjust our assortment and price-package architecture to remain competitive in addressing our customers' needs as we advance through the summer and approach the key selling season in the fourth quarter,' Carbajal said. Despite its underperformance in Mexico, FEMSA's leaders appear upbeat about the progress it's making in the U.S. As of the end of last quarter, the company has rebranded 40 former Delek c-stores in West Texas to the Oxxo banner, a bump from the 15 it had as of late April, Yániz said during the call. Besides rebrands, new stores have incorporated 'several hundred' new items, including selections from Oxxo's proprietary Andatti coffee program. FEMSA has rebranded Delek stores in the Midland, Odessa and Lubbock areas of Texas and is making its way towards El Paso, Yániz said. 'Early results in terms of incremental sales are promising,' he said. Correction: A previous version of this story incorrectly stated the number of Oxxo c-stores in Mexico and that 432 Oxxo c-stores have closed over the past year. Recommended Reading Oxxo can become 'super regional' player in the US, CEO says
Yahoo
21-07-2025
- Business
- Yahoo
Fueling Up: Was Seven & i ever interested in Couche-Tard's buyout offer?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. Fueling Up is a column from C-Store Dive offering a fresh perspective on the top news and trends in the convenience store industry. The hype surrounding what would've been one of the most monumental c-store mergers in history died last week when Alimentation Couche-Tard withdrew its nearly $50 billion buyout offer of Seven & i Holdings. Nearly a year after it made its bid, Circle K's parent company said a lack of engagement from Seven & i was a major roadblock to the deal, which would've included over 80,000 7-Eleven c-stores globally. To say the Canadian retailer is bitter about this ending would be an understatement. In a letter to Seven & i late Wednesday evening, Couche-Tard's President and CEO Alex Miller and Chairman of the Board Alain Bouchard said Seven & i's due diligence over the past year was negligible. The executives added that Seven & i displayed a 'persistent lack of good faith and judgement' during the process and 'engaged in a calculated campaign of obfuscation and delay.' But this apparent negligence is nothing but a 'mischaracterization,' according to Seven & i, which released its own letter Thursday morning in response to Miller's and Bouchard's onslaught. The Japanese company said it's disappointed but not surprised by Couche-Tard's withdrawal, adding that Couche-Tard faced significant challenges in economic and financial markets over the past year. Despite Couche-Tard's accusations of a premeditated rejection, Seven & i emphasized that it 'consistently engaged in good faith and constructively' in exploring a deal with Couche-Tard. This is obviously contradictory. Couche-Tard said Seven & i wasn't willing to play ball, while Seven & i claims it was suited up and ready to swing at the right pitch. Who and what are we supposed to believe? All we can do is break down the facts. Pressure buildups and cultural dissonance Seven & i had been under shareholder pressure long before Couche-Tard entered the picture. Investors have been urging the company to spin off its c-store business into a separate entity for years. That pressure intensified as Seven & i's earnings dropped in the years following, reaching a climax when more investors called for the removal of several directors as well as former CEO Ryuichi Isaka. When Couche-Tard came along, some shareholders were adamant that Seven & i pursue the deal to boost its corporate value. So even if Seven & i was never interested in selling to Couche-Tard and yielding its claim as the world's largest c-store retailer, passively engaging with the Canadian company may have been in its best interest. 'The blunt truth is that Seven & i was never really in the market for a deal. It saw the overtures as hostile and contrary to its interests,' Neil Saunders, managing director of retail research agency GlobalData Retail, said in a LinkedIn post on Thursday. 'However, there were a string of other reservations that the group raised, all designed to delay and reduce the possibility of an agreement. This attrition eventually wore Couche-Tard down.' Even if Seven & i was legitimately interested in being acquired, a difference in cultures may have also halted progress. This was top of mind from the start, with Couche-Tard saying back in September that although it had no presence in Japan, it would do its best to empower Seven & i's leaders and operators in the nation to carry on as usual. But the 'very different working styles' between Japan and Canada may have ultimately been too much for Seven & i, Jarred Neubronner, senior analyst with the Institute for Grocery Distribution, said in a LinkedIn post on Thursday. 'After having built up 7-Eleven in the past decades to become the world's largest convenient brand, Seven & i's management would not have wanted a takeover that would lead to a drastic change in ways of working,' Neubronner said. 'The blunt truth is that Seven & i was never really in the market for a deal. It saw the overtures as hostile and contrary to its interests." Neil Saunders Managing director of GlobalData Retail Despite the sour ending to what was the most anticipated storyline I've covered as a c-store journalist, not all may be lost. When I posted the news to LinkedIn on Thursday, Michael Infranco, assistant vice president of retail analytics firm RetailStat, commented that given Seven & i's IPO plans for 7-Eleven, a deal for the thousands of North America stores could still be on the table. Whether that happens remains to be seen. I won't count on it. But c-store operators have proven that even in an industry this reliable and consistent, they'll throw a nasty changeup every once in a while. Recommended Reading Couche-Tard ends takeover bid for Seven & i
Yahoo
16-07-2025
- Business
- Yahoo
How to perfect a dispensed beverage program
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. How to Perfect is a regular series that looks at how retailers can further improve store operations in key areas. C-store dispensed beverage programs have been innovation hotspots in recent years. From hot new coffee lines and LTOs to expanded soda lines and exciting marketing programs and exclusives, there's a lot to draw customers in. 'In every [NACS consumer] survey, a majority of customers say they are coming inside to purchase a beverage,' said Jeff Lenard, vice president of media and strategic communication for NACS. Be it coffee or soda, many c-stores have some form of dispensed beverage program. But how can retailers with basic programs take them to the next level? First, industry experts say, they need to make sure they have the basics down pat. That starts with cleanliness, which means more than just spill-free floors and countertops. It also means cleaning the machines regularly and thoroughly. Lenard noted that one Midwest retailer, which he declined to name, has become a destination for dispensed sodas even though it sells the same brands as the competition. 'Customers believed that their version was better — and a lot had to do with maintenance," Lenard said. It's also important to offer a variety of drinks. John Notte, sales director for Appliance Innovation, which makes dispensed beverage machines, pointed to recent National Coffee Association data showing nearly half of shoppers buy specialty coffee daily. 'Think about if I said you're missing half your gas customers,' said Notte. The program should also not only be competitively priced, but also tied into the store's loyalty program, added Shauna Seidenberg, category manager for dispensed beverage and fresh pastry for EG America. Once all that's in place, here are a few other steps retailers can take to improve their beverage programs. Personalization is key Giving customers easy ways to customize their drinks is one simple way to enhance a beverage program — 'especially when it comes to coffee,' said Seidenberg. Some c-stores offer an array of syrup bottles, sweeteners and creamers and allow customers to design their own drinks by hand. Others can go more technological. For instance, the tea machine Appliance Innovations designed for QuikTrip, as well as the Coffee of the Future machine for 7-Eleven, automatically add condiments to drinks. Both Seidenberg and Lenard agreed that however retailers approach condiments, it's vital to keep that area clean and stocked, to give customers a top-notch experience. 'We're always assessing the right balance between offering enough choice to delight our guests and maintaining a clean, easy-to-navigate setup,' said Seidenberg. Hot and cold programs While it may sound trite, it's important not to get too complacent about updating a beverage program. As trends come and go and tastes change, time can turn a great program into an uninspiring one. Take coffee, for example. While a pot or carafe of coffee on a burner was an acceptable program years ago, now fresher brews and bean-to-cup machines are the norm, said Andrew Campbell, SVP of sales and marketing for Appliance Innovation. For EG America, high-quality coffee at an affordable price is 'core to our identity and is an area where we continue to evolve and innovate,' said Seidenberg. She noted that when the retailer selects new roasts, its process includes 'guest feedback, flavor testing, and trend analysis, among other factors' to make sure their selections are what customers want. Adding iced coffee can appeal to different demographics. It's particularly popular among younger shoppers, and between 35% and 40% of these customers preferred iced coffee year round, according to data from Brisk Coffee Roasters. 'Younger customers tend to seek out the cold beverages, and they are willing to pay more for them,' said Lenard. 'It's a great opportunity to attract the next generation of customers and add margin.' Making frozen beverages stand out While frozen drinks may not be as ubiquitous as coffee or soda, they still have a big place in convenience retail. The obvious example is 7-Eleven's iconic Slushee, but frozen beverages can be found all around the industry, from Circle K's Frosters to EG America's Hyperfreeze to branded programs that can be implemented in any store, like Icee or F'real shakes. Playing on consumers' nostalgia for these chilled drinks can be a potent marketing tactic. 'Who doesn't have great memories of buying frozen dispensed?' said Lenard. 'Recapturing those memories could be a way to attract more adults to the frozen dispensed area.' EG America takes some advantage of that, putting care into bright and eye-catching signage for the company's Hyperfreeze program. 'We … want the frozen beverage area to feel like an experience and a destination,' said Seidenberg. Unique flavors From soda to coffee to frozen drinks, having a must-have flavor can push a retailer from an acceptable watering hole to a must-stop location. 7-Eleven, for example, regularly rolls out new flavors from coffee to Slurpees, and seems to start pumpkin spice season earlier every year. QuickChek is also well known for its beverage innovations and unique flavors. It offers a monthly coffee LTO, bringing customers flavors like ube vanilla and Boardwalk Blend, which the company says tastes like 'summer and s'mores.' Cumberland Farms, EG America's largest banner, regularly offers coffee LTOs that highlight different regions, like Guatemala, Costa Rica and Rwanda. Seidenberg said EG America's Hyperfreeze program includes both a rotating lineup of regular flavors like cherry or blue raspberry and more 'adventurous' selections like Cotton Candy Commander and Citrus Kick. 'Our stores are encouraged to regularly swap out which flavors they offer to keep it exciting and fresh for our guests,' she added. Exclusive flavors from national brands can give a drinks program a leg-up. For example, Circle K has sold multiple exclusive Mountain Dew flavors, sometimes also offering them in frozen form. Some retailers also share recipes for their well-known beverages. EG America offers recipes for drinks like 'Dirty Dr. Pepper,' which combines Dr Pepper, a lime flavor shot from the soda dispenser and a coconut flavor shot from the coffee mix-in area. Other ways to boost interest When introducing unique flavors, offering samples or pricing incentives can help drive trial, Lenard said. When Casey's rolled out its Darn Good Coffee program earlier this year, loyalty members all got a free cup of the new brew to try to win them over. Another useful tactic is involving dispensed drinks in loyalty rewards or bundled deals. Offering a coffee and breakfast sandwich or slice of pizza with a fountain drink, for example, can draw in value-conscious customers to the program. The containers for drinks can offer another way to differentiate. 'Seasonal cup designs or branded cups can help create a more fun and premium feel,' said Seidenberg. And whatever a retailer does, they need to make sure the signage touts the program appropriately, said Lenard. 'Make sure it's easy for them to find what they want – or to try something new.' Recommended Reading Coffee customization is more popular than ever. Here's how c-stores can capitalize. Sign in to access your portfolio
Yahoo
11-07-2025
- Business
- Yahoo
3 Big Numbers: How is 7-Eleven's turnaround going?
This story was originally published on C-Store Dive. To receive daily news and insights, subscribe to our free daily C-Store Dive newsletter. 3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry. Seven & i Holdings, the Japanese company that owns 7-Eleven, has been having a rough time lately. Concerns about the company's overall performance have led to disgruntled shareholders putting pressure on leaders to either make big changes or consider Alimentation Couche-Tard's bid to buy it out. Seven & i has taken some drastic steps this year, including naming its first non-Japanese CEO in Stephen Dacus and planning to take its North American arm, 7-Eleven Inc., public in 2026. Amid all this, the company has outlined a number of goals, including cutting costs and boosting foodservice, delivery and private label sales. In this week's '3 Big Numbers,' we look at three areas where 7-Eleven has made progress on its long-term plans in North America. 7-Eleven's Q1 operating income. Operating income for 7-Eleven grew from $201 million in the first quarter of fiscal year 2024 to $245 million in the same quarter of fiscal 2025, according to Seven & i's earnings presentation. That's more than a 20% increase. Challenges persisted, however, as same-store sales were down 1%. But the growth came largely from increased merchandise gross product margins and a small decrease in non-production costs, such as administrative salaries or rents. Let's set aside the margin increase for a moment and focus on the cost savings. 7-Eleven targeted $500 million in cost savings last year and managed to surpass that by cutting spending by $562 million during fiscal 2024. The focus on fiscal discipline is continuing into this year, with the company looking to make further cuts ahead of the proposed 2026 IPO. The number of 7-Eleven stores where food and beverage programs were modernized in Q1. 7-Eleven's foot traffic was down 6% in Q1 year over year, according to the earnings presentation. While that's never great, 7-Eleven was able to offset this drop in a couple ways. First, its average basket size in the first quarter was up 5.3%. Second, the company boosted its gross product margins by 1.1% in the quarter. While these margin gains came from multiple areas, they were mainly a result of the company's focus on growing proprietary products. It saw better margins from fresh food and private label goods. The company has rolled out modernized food and beverage programs to 435 sites so far in fiscal 2025. While the rollout is expected to slow for the rest of the year, 7-Eleven is expected to modernize the offering in another 1,000 stores. This modernization includes adding hot grab-and-go cases as well as racks of bakery items. Private label plus updated coffee programs and an expansion in the number of stores that include restaurants show that whether or not it works, 7-Eleven is remaining focused on improving its reputation among food-seeking patrons. The year-over-year increase in same-store delivery sales for 7-Eleven in Q1. 7-Eleven only added delivery to 74 stores during the quarter, but that's understandable when delivery is already available in over half of the company's locations. What's more interesting is the increasing use of delivery at stores that have already had it for a while. Same-store delivery sales — that is, sales growth among stores that already had delivery during fiscal Q1 in 2024 — were up over 18% year over year. The average basket size for these orders was more than $15. If 7-Eleven can keep growing these sales, or even just maintaining these basket sizes white the number of stores offering delivery grows, the incremental sales will have an even bigger impact on the bottom line. Recommended Reading 3 Big Numbers: Couche-Tard's foodservice journey Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
