3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry.
Par Pacific’s third quarter earnings report showed net income rose more than 35% year over year, while company leaders said its balance sheet is in the strongest position in its history. The company also expects its sale of Laramie Energy to close by the end of the year.
Much of the earnings release and call focused on the fuel side of Par’s business, but leaders did share a few tidbits about the company’s retail arm, which includes Hele and Nomnom locations in Hawaii, Washington and Idaho.
In this week’s “3 Big Numbers,” we examine some of the retail details in Par’s Q3 earnings data.
1.9%
Par Pacific’s year-over-year in-store sales increase
Par Pacific’s in-store sales increased 1.9% year over year at its retail sites, said President and CEO William Monteleone in the earnings call.
While the company hasn’t made splashy retail acquisitions or shared huge NTI targets, it’s still looking to expand its store footprint and add to those gains.
Monteleone said the company was encouraged by the performance of a new store that recently opened in Post Falls, Idaho. The site is exceeding expectations and “demonstrating the value of our differentiated food and merchandising strategies,” he added.
11%
Year-over-year increase in foodservice sales
Monteleone was clear about where at least part of the in-store sales increase came from.
“Our enhanced food offering remains a key driver of in-store performance,” he said during the call.
Third-quarter food sales were up 11% year over year, he noted. Fresh food now makes up more than 10% of in-store sales at Par’s stores, and the company thinks that percentage could increase further.
“There is plenty of room to grow this valuable revenue stream,” Monteleone said.
2.1%
Year-over-year same-store fuel volume increase
Par Pacific’s gains weren’t just confined to the store. The company’s same-store fuel volumes were up 2.1% year over year, Monteleone said. That reflected a total of over 33 million gallons sold in the quarter.
With fuel prices remaining elevated from a year ago, that’s a notable accomplishment in and of itself.
That led to quarterly fuel sales in the retail segment reaching more than $162 million, according to the Q3 filing.
