CrossAmerica Partners had 546 retail locations in its network at the end of September, according to the company’s third-quarter earnings report. That’s 40 fewer than the year-ago period — a roughly 7% reduction.
The company sold nine stores last quarter, including seven company-operated retail sites and two commission agent sites, as part of an ongoing real estate optimization program, noted President and CEO Maura Topper during CrossAmerica’s earnings call on Thursday. The company sold those nine plus another six nonretail properties for $10.6 million in proceeds, Topper added.
Proceeds from the sales went toward paying down debt, said Jonathan Benfield, CrossAmerica’s chief financial officer, during the call.
Despite the drop in store count, CrossAmerica’s merchandise margin percentage grew by 140 basis points and merchandise gross profit grew by 2%, Topper said in the call. The retailer also reduced operating expenses and improved retail fuel margin per gallon.
Almost two years of store count declines
“Combined with a very strong first half, these results leave us well ahead of last year through the first nine months,” Topper said.
While 2025 was the company’s biggest year ever for property sales, the company is staying focused on the real estate optimization program.
“We continue to have a strong pipeline for the balance of the year,” Topper said in the call.
The continuing property sales come in a year where CrossAmerica has seen significant change in its leadership team, as Topper took over the top role in March and Benfield was named interim CFO in March and then took the role on a permanent basis in July.
