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The Association for Convenience & Fuel Retailing
Antitrust Compliance
It is NACS' policy to comply strictly with the antitrust laws. As a group ofactual and potential competitors, there are some things which we may not,and shall not, do. For example, we will not discuss pricing policies, theallocation of markets, collective action against a particular entity or anyother topic which might give rise to concern under the antitrust laws. If anypart of our conversation touches upon an area with which we areuncomfortable on these grounds, we will ask whoever is speaking to stop andinsist that that request be honored, not only for his or her benefit, but alsofor the benefit of everyone else in the room.
NACS' antitrust compliance policy has been made available to you and NACS’antitrust counsel is attending the event. We urge you to read the policy andfollow its guidelines not only in the context of your NACS activities, but also inyour day‐to‐day business operations.
The Association for Convenience & Fuel Retailing
NACS State of the Industry Summit
Unless otherwise indicated, all materials on these pages are copyrighted by the National Association of Convenience Stores. All rights reserved.
No part of these pages, either text or image may be used for any purpose other than personal use. Therefore, reproduction, modification, storage in a retrieval system or retransmission, in any form or by any means, electronic, mechanical or otherwise, for reasons other than personal use, is strictly prohibited without
prior written permission.
This preliminary data release may be subject to further revision before it is released again as a final version in the form of the
State of the Industry Report of 2011 Data.
Copyright © 2012 by NACS. All rights reserved.
The Association for Convenience & Fuel Retailing
The Numbers
Glenn PlumbyVice President Operations
Speedway, LLC
The Association for Convenience & Fuel Retailing
• 2011 Results from 246 Firms with 27,526 Stores• Total Industry Benchmarks
– Stores– Sales and Pretax Profits– Interchange
• Same‐Firm Performance– Sales, Margins, DSOE– Productivity/Quartiles
• Category and Subcategory Performance– Merchandise– Foodservice– Quartiles
Agenda for the Numbers
The Association for Convenience & Fuel Retailing
Industry Store Count
Source: Nielsen TDLinx, NACS Research
59,876
67,612
78,395
76,044
84,770
84,574
89,957
90,683
89,567
90,049
91,815
93,209
59,876
56,904
54,029
54,615
53,435
56,081
55,162
55,611
55,308
54,492
54,526
54,917
‐
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Single Stores All Others
119,752124,516
132,424 130,659138,205 140,655
145,119 146,294 144,875 144,541 146,341148,126
The Association for Convenience & Fuel Retailing
Trade ChannelConvenience Store 148,126Category Killer 83,754Liquor Store 44,913Drug 38,526Supermarket/Supercenter 36,569Mass Merchandiser/Dollar 29,448Gas Station/Kiosk 22,880Superette 13,234Cigarette Outlet 9,549Wholesale Club 1,231
Total Retail 428,230
Total US Retail Universe
Source: Nielsen, TDLinx
The Association for Convenience & Fuel Retailing
112.0
109.3
116.2
132.1
151.1
163.6
168.5
173.9
182.4
190.4
195.0
171.0
181.3 220.8 262.6
344.2 40
5.8
408.9 450.2
328.7 385.2
486.9
$0.0
$100.0
$200.0
$300.0
$400.0
$500.0
$600.0
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Dollars in
Billions
Inside SalesMotor Fuels Sales
Industry Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
$681.9 Billion
The Association for Convenience & Fuel Retailing
Change in Annual Sales by Retail Format
‐10.0%
‐8.0%
‐6.0%
‐4.0%
‐2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
2006 2007 2008 2009 2010 2011
Total Retail SalesWarehouse ClubsGrocery StoresDrug StoresRestaurantsConvenience Inside SalesDollar Stores
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC. & Department of Commerce
The Association for Convenience & Fuel Retailing
$3.5
$2.6
$4.0
$5.0
$5.9
$4.8
$3.5
$5.2
$4.8
$6.6
($1.0)
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.01981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Dollars in
Billions
Pretax Profit
$7.0 Billion
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
$3.2
$3.8
$5.4
$6.6
$7.6$8.4
$7.4
$9.0
$11.1B
$4.0
$5.0$5.9
$4.8
$3.5
$5.2 $4.8
$6.6$7.0B
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
$9.0
$10.0
$11.0
$12.0
2003 2004 2005 2006 2007 2008 2009 2010 2011
Billion
s of D
ollars
Card Fees Pretax Profit
Credit Card Fees vs. Pretax Profit
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
$142.6$144.1 $144.0
$152.1
$157.4
$162.0
$130.0
$135.0
$140.0
$145.0
$150.0
$155.0
$160.0
$165.0
2006 2007 2008 2009 2010 2011
Dollars in
Billions
How much do we generate in taxes?
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
100
110
120
130
140
150
160
Feb‐91
Sep‐91
Apr‐92
Nov
‐92
Jun‐93
Jan‐94
Aug‐94
Mar‐95
Oct‐95
May‐96
Dec‐96
Jul‐9
7Feb‐98
Sep‐98
Apr‐99
Nov
‐99
Jun‐00
Jan‐01
Aug‐01
Mar‐02
Oct‐02
May‐03
Dec‐03
Jul‐0
4Feb‐05
Sep‐05
Apr‐06
Nov
‐06
Jun‐07
Jan‐08
Aug‐08
Mar‐09
Oct‐09
May‐10
Dec‐10
Jul‐1
1
Dec 2011
Gas Consumption vs. Miles DrivenFeb 1991 – Dec 2011
Source: U.S. Federal Highway Administration and U.S. Energy Information Administration
Finished Motor Gasoline (Thousand Barrels per Day) Annual Vehicle‐Distance Traveled (Billion Miles)
The Association for Convenience & Fuel Retailing
Motor Fuel Price Trends
$‐
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
Jan‐07
Mar‐07
May‐07
Jul‐0
7
Sep‐07
Nov
‐07
Jan‐08
Mar‐08
May‐08
Jul‐0
8
Sep‐08
Nov
‐08
Jan‐09
Mar‐09
May‐09
Jul‐0
9
Sep‐09
Nov
‐09
Jan‐10
Mar‐10
May‐10
Jul‐1
0
Sep‐10
Nov
‐10
Jan‐11
Mar‐11
May‐11
Jul‐1
1
Sep‐11
Nov
‐11
$2.79 $3.24 $2.35 $2.80 $3.52
2007 2008 2009 2010 2011
Source: OPIS
The Association for Convenience & Fuel Retailing
$3.33
$3.38
$3.38
$3.39
$3.46
$3.49
$3.53
$3.62
$3.74
$3.77
$3.82
$3.88
$3.91
$‐
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
1 2 3 4 5 6 7 8 9 10 11 12 13
Motor Fuel Price Trends
$‐
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
Jan‐07
Mar‐07
May‐07
Jul‐0
7
Sep‐07
Nov
‐07
Jan‐08
Mar‐08
May‐08
Jul‐0
8
Sep‐08
Nov
‐08
Jan‐09
Mar‐09
May‐09
Jul‐0
9
Sep‐09
Nov
‐09
Jan‐10
Mar‐10
May‐10
Jul‐1
0
Sep‐10
Nov
‐10
Jan‐11
Mar‐11
May‐11
Jul‐1
1
Sep‐11
Nov
‐11
2007 2008 2009 2010 2011 2012
Source: OPIS
Weeks
The Association for Convenience & Fuel Retailing
Snapshot 2010 2011 % Change
Store Count 146,341 148,126 1.2%
Inside Sales $190.4B $195.0B 2.4%
Fuel Sales $385.2B $486.9B 26.4%
Total Sales $575.6B $681.9B 18.5%
Pretax Profit $6.6B $7.0B 7.3%
Credit Card Fees $9.0B $11.1B 23.0%
Taxes $157.4B $162.0B 2.9%
Fuel Consumption (bbl/day) 9.13M 8.99M (1.6)%
Employees 1.60M 1.88M 17.6%
Fuel Margin (cpg) 15.8¢ 18.4¢ 2.4¢
Net of CC Fees 11.3¢ 12.1¢ 0.8¢
Key Industry Metrics
Source: Nielsen TDLinx , NACS State of the Industry Survey of 2011 Data & CSX, LLC & U.S. Energy Information Administration
The Association for Convenience & Fuel Retailing
Same‐Firm Sales
Per Store/Per Month 2010 2011 % Change
Total All Sales $390,499 $464,558 19.0%
Fuel Sales $336,014 $427,097 27.1%
Fuel Gallons 124,157 123,710 (0.4)%
Average Selling Price $2.71 $3.45 27.6%
In-Store Sales $125,116 $129,208 3.3%
Foodservice Sales $21,155 $23,431 10.8%
Merchandise Sales $104,979 $107,135 2.1%
Mdse Less Cigarettes $62,400 $63,804 2.3%
Cigarettes $52,546 $52,045 (1.0)%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Same‐Firm Gross Profit
Per Store/Per Month 2010 2011 % Change
Total Gross Profit $59,495 $63,411 6.6%
Fuel $20,475 $22,759 11.2%
In-Store $38,317 $39,880 4.1%
Foodservice $11,030 $11,854 7.5%
Merchandise $27,885 $28,660 2.8%
Mdse Less Cigarettes $21,228 $22,158 4.4%
Cigarettes $7,774 $7,571 (2.6)%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
0.00
5.00
10.00
15.00
20.00
25.00
Jan‐09 Apr‐09 Jul‐09 Oct‐09 Jan‐10 Apr‐10 Jul‐10 Oct‐10 Jan‐11 Apr‐11 Jul‐11 Oct‐11
Breakeven CPG( [GP$ Total Motor Fuel] ‐ [Pretax Profit for Retail Operations] )/ [Gallons: Motor Fuel Total] * 100
Pool Margin net Credit Card Fees
Historically when was selling gas profitable?
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Wages & Benefits
Per Store/Per Month 2010 2011 % Change
Wages & Benefits $18,381 $18,478 0.5%
Wages $14,975 $15,086 0.7%
Payroll Taxes $1,315 $1,390 5.7%
Workers Compensation $474 $476 0.5%
Health Insurance $1,167 $1,168 Flat
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Core Direct Store Operating Expenses
Per Store/Per Month 2010 2011 % Change
Wages & Benefits $18,381 $18,478 0.5%
Credit Card Charges $5,418 $6,666 23.0%
Rent/Occupancy $5,162 $5,463 5.8%
Utilities $3,938 $4,022 2.1%
Repairs & Maintenance $2,920 $2,950 1.0%
Supplies $1,055 $1,080 2.4%
Total DSOE $45,851 $47,928 4.5%
Total DSOE less Card Charges $40,433 $41,262 2.0%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Core Direct Store Operating ExpensesAs a % of GP$
Per Store/Per Month 2010 2011 % Pt. Change
Wages & Benefits 30.4% 28.6% (1.8)
Credit Card Charges 9.0% 10.3% 1.3
Rent/Occupancy 7.4% 7.5% 0.1
Utilities 6.6% 6.2% (0.4)
Repairs & Maintenance 4.9% 4.6% (0.3)
Supplies 1.8% 1.7% (0.1)
Total DSOE 77.1% 75.6% (1.5)
Total DSOE less Card Charges 70.8% 68.7% (2.1)
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Capital Productivity
2011 TopQuartile
2nd
Quartile3rd
QuartileBottomQuartile
Store Operating Profit $25,611 $12,967 $7,663 $3,686
Breakeven CPG 8.00 9.67 14.16 19.54
Credit Card Fees CPG 5.51 6.17 5.64 5.69
EBITDA $24,685 $12,216 $7,510 $4,108
Pretax Profit $17,452 $8,087 $2,738 $(589)
Net Profit Margin(Pretax/Sales)
2.30% 2.11% 0.49% (0.14)%
Return on Capital Employed 14.96% 10.45% 5.42% 0.52%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Capital Productivity
2011 TopQuartile
BottomQuartile Difference
Store Operating Profit $25,611 $3,686 6X
Breakeven CPG 8.00 18.98 Half
Credit Card Fees CPG 5.51 5.69 Par
EBITDA $24,685 $4,108 5X
Pretax Profit $17,452 $(589) $18,041
Net Profit Margin(Pretax/Sales)
2.30% (0.14)% 2.44 pts
Return on Capital Employed 14.96% 0.52% 14.44 pts
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Capital Productivity
Top Quartile 2010 2011 % Change
Store Operating Profit $23,585 $25,611 8.6%
Breakeven CPG 6.70 8.00 19.4%
Credit Card Fees CPG 4.08 5.51 35.0%
EBITDA $21,512 $24,685 14.7%
Pretax Profit $16,217 $17,452 7.6%
Net Profit Margin(Pretax/Sales)
2.08% 2.30% 0.22 pts
Return on Capital Employed 14.66% 14.96% 0.30 pts
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Store Operational Productivity
2011 TopQuartile
2nd
Quartile3rd
QuartileBottomQuartile
Motor Fuels Gallons Sold 181,240 96,066 145,234 105,983
Merchandise Sales $148,131 $92,213 $102,213 $69,643
Foodservice Sales $36,067 $17,905 $12,405 $9,399
In-Store GM% 30.4% 33.2% 26.1% 29.5%
Cigarette GM% 13.3% 17.6% 14.7% 16.9%
In-Store Sales/Sq. Foot $62.23 $41.54 $42.89 $32.18
DSOE/Sq. Foot $21.54 $15.28 $17.14 $17.57
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Store Operational Productivity
2011 TopQuartile
BottomQuartile Difference
Motor Fuels Gallons Sold 181,240 105,983 76.3%
Merchandise Sales $148,131 $69,643 117.9%
Foodservice Sales $36,067 $9,399 282.6%
In-Store GM% 30.4% 29.5% 1.57 pts
Cigarette GM% 13.3% 16.9% 0.28 pts
In-Store Sales/Sq. Foot $62.23 $32.18 93.3%
DSOE/Sq. Foot $21.54 $17.57 22.6%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Store Operational Productivity
Top Quartile 2010 2011 % Change
Motor Fuels Gallons Sold 171,127 190,657 11.4%
Merchandise Sales $134,424 $151,691 12.8%
Foodservice Sales $26,994 $35,618 31.9%
In-Store GM% 29.8% 31.1% 1.3 pts
Cigarette GM% 13.7% 13.3% 0.4 pts
In-Store Sales/Sq. Foot $55.53 $62.23 12.1%
DSOE/Sq. Foot $16.06 $21.54 34.1%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
People Productivity
2011 TopQuartile
2nd
Quartile3rd
QuartileBottomQuartile
Non-Mgr Turnover (annual) 66.9% 95.0% 82.3% 91.5%
Manager Turnover (annual) 15.8% 24.5% 21.6% 28.1%
Transactions (Avg Monthly) 47,392 28,403 31,940 27,404
In-Store Sales per Labor Hour $98.59 $96.03 $75.71 $68.46
In-Store GP$ per Labor Hour $31.08 $28.21 $21.54 $20.05
Labor Cost per Hour $14.28 $14.35 $12.01 $12.42
Wage Cost per Hour $11.30 $11.62 $9.99 $10.23
Benefits Cost per Hour $2.98 $2.73 $2.02 $2.19
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
People Productivity
2011 TopQuartile
BottomQuartile Difference
Non-Mgr Turnover (annual) 66.9% 91.5% (24.3) pts
Manager Turnover (annual) 15.8% 28.1% (12.3) pts
Transactions (Avg Monthly) 47,392 27,404 74.9%
In-Store Sales per Labor Hour $98.59 $68.46 44.0%
In-Store GP$ per Labor Hour $31.08 $20.05 55.0%
Labor Cost per Hour $14.28 $12.42 15.0%
Wage Cost per Hour $11.30 $10.23 10.5%
Benefits Cost per Hour $2.98 $2.19 36.0%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Top Quartile 2010 2011 % Change
Non-Mgr Turnover (annual) 60.7% 66.9% 6.2 pts
Manager Turnover (annual) 16.5% 15.8% (0.7) pts
Transactions (Avg Monthly) 46,110 47,392 2.8%
In-Store Sales per Labor Hour $105.93 $98.59 (6.9)%
In-Store GP$ per Labor Hour $30.28 $31.08 2.6%
Labor Cost per Hour $14.30 $14.28 (0.1)%
Wage Cost per Hour $11.36 $11.30 (0.5)%
Benefits Cost per Hour $2.94 $2.98 1.4%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
People Productivity
The Association for Convenience & Fuel Retailing
Category Performance
John ZikiasSenior Vice President Category Management and Supply Chain
Thorntons Inc.
The Association for Convenience & Fuel Retailing
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
Key Category Sales GrowthJan 2009 = 100
OTP
Cigarettes
CandyTotal Merchandise
Beer
Pack BevSalty Snacks
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
In‐Store Sales ContributionAverage Monthly Sales = $128,187 3.1%
Cigarettes38.09%, ‐1.4pts
Foodservice16.86%, +0.9pts
Pack Bev14.34%, +0.6pts
Beer7.27%, +0.1pts
OTP4.04%, +0.1pts
Salty 3.45%, +0.1pts
Candy2.75%, flat
Sweet 2.04%, +0.1pts
Milk1.81%, +0.1pts
Alternative1.74%, +0.1pts
All Other7.61%, ‐0.7pts
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
Key Category Margin GrowthJan 2009 = 100
OTP
CigarettesCandy
Total Merchandise
Beer
Pack Bev
Salty Snacks
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
In‐Store GP Dollar ContributionAverage Monthly Margin = $39,880 4.1%
Foodservice29.37%, +0.9pts
Pack Bev18.42%, +0.7ptsCigarettes
18.09%, ‐1.2pts
Beer4.48%, ‐0.1pts
Candy4.44%, ‐0.1pts
Salty 4.21%, +0.2pts
OTP4.08%, +0.1pts
Alternative2.45%, flat
Sweet 2.18%, +0.2pts
Milk1.40%, ‐0.3pts
All Other10.88%, ‐0.5pts
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Top Ten Merchandise Categories
Per Store/Per Month Sales $ Margin $ GM%
Cigarettes $52,045 $7,571 14.6%
Packaged Beverages $19,682 $7,748 39.4%
Beer $15,471 $2,892 18.7%
Other Tobacco $5,931 $1,843 31.1%
Salty Snacks $5,807 $2,170 37.4%
Candy $4,191 $2,031 48.5%
Packaged Sweet Snacks $3,202 $1,043 32.6%
Fluid Milk Products $2,243 $561 25.0%
Packaged Ice Cream/Novelties $2,129 $989 46.5%
General Merchandise $1,945 $714 36.7%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Next 10 Merchandise Categories
Per Store/Per Month Sales $ Margin $ GM%
Health and Beauty Care $1,538 $796 51.8%
Alternative Snacks $1,344 $544 40.5%
Publications $1,313 $284 21.6%
Edible Grocery $1,099 $463 42.1%
Ice $920 $688 74.7%
Other Dairy $878 $371 42.3%
Automotive Products $867 $387 44.6%
Packaged Bread $792 $233 29.4%
Perishable Grocery $415 $178 42.8%
Non-Edible Grocery $411 $151 36.8%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Top Ten Merchandise Categories2011 vs. 2010
Per Store/Per MonthSales
ChangeGP$
Change
Packaged Sweet Snacks 9.3% 15.9%
Salty Snacks 7.6% 9.3%
Packaged Beverages 7.6% 8.2%
Packaged Ice Cream/Novelties 8.1% 8.2%
Candy 4.9% 7.8%
Other Tobacco 1.1% 2.8%
Beer 4.3% 2.6%
General Merchandise (3.7)% (1.2)%
Cigarettes (1.0)% (2.6)%
Fluid Milk Products (4.5)% (23.1)%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Next Ten Merchandise Categories2011 vs. 2010
Per Store/Per MonthSales
ChangeGP$
Change
Health and Beauty Care 5.6% 8.3%
Other Dairy 1.4% 6.9%
Alternative Snacks 5.5% 4.8%
Publications 2.0% 4.3%
Ice (0.7)% (2.2)%
Packaged Bread (0.9)% (4.0)%
Automotive Products (4.0)% (5.6)%
Perishable Grocery (13.2)% (7.3)%
Edible Grocery (1.8)% (7.4)%
Non-Edible Grocery (16.8)% (21.8)%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
Packaged Beverage GrowthJan 2009 = 100
GP$
Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Packaged Beverages Subcategory Sales
Source: Nielsen Syndicated – Convenience Tracking – Total US
CSDs38.7%, ‐1.3pts
Alternative21.1%, +1.8pts
Sports Drinks9.6%, +0.5pts
Juice/Juice Drinks
9.0%, ‐0.1pts
Bottled Water8.4%, ‐0.4pts
Iced Tea RTD5.9%, ‐0.3pts
Other Pack Bev3.9%, +0.1pts
Enhanced Water3.4%, ‐0.3pts
The Association for Convenience & Fuel Retailing
Packaged Beverages Syndicated Sales2011 vs. 2010
SubcategorySales
(Millions)Sales
ChangeUnits
Change
Carbonated Soft Drinks $8,146.8 2.5% 1.5%
Alternative $4,440.0 15.9% 15.3%
Sports Drinks $2,023.4 11.1% 13.9%
Juice/Juice Drinks $1,898.2 4.7% 4.8%
Bottled Water $1,777.2 1.5% 0.4%
Iced Tea RTD $1,239.5 0.3% 1.6%
Other Packaged Beverages $815.4 10.0% 7.2%
Enhanced Water $709.0 (2.7)% (3.6)%
Total $21,049.5 5.9% 4.6%
Source: Nielsen Syndicated – Convenience Tracking – Total US
The Association for Convenience & Fuel Retailing
Packaged Beverages Gross Profit2011 vs. 2010
SubcategoryMonthly Average
GP$/StoreChange GM %
Carbonated Soft Drinks $2,999 4.7% 36.2%
Alternative $1,634 18.4% 42.4%
Sports Drinks $745 13.6% 39.7%
Juice/Juice Drinks $699 7.0% 41.0%
Bottled Water $654 3.7% 50.2%
Iced Tea RTD $456 2.6% 43.7%
Other Packaged Beverages $300 12.4% 34.8%
Enhanced Water $261 (0.5)% -
Total $7,748 8.2% 39.4%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Cigarettes GrowthJan 2009 = 100
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
GP$
Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Cigarettes Subcategory Sales
Source: Symphony IRI AllScan Convenience Service – Total US &NACS State of the Industry Survey of 2011 Data & CSX, LLC.
Premium90.5%, +0.6pts
Branded Discount4.6%, ‐0.5pts
Sub‐Gen/Private Label
4.2%, ‐0.1pts
Fourth Tier0.7%, flat
Imports>0.1%, flat
The Association for Convenience & Fuel Retailing
Cigarettes Syndicated Sales2011 vs. 2010
Source: Symphony IRI AllScan Convenience Service – Total US
SubcategorySales
(Millions)Sales
ChangeUnits
Change
Premiums $48,617.4 1.8% 0.2%
Branded Discount $2,471.2 (8.8)% (9.9)%
Sub-Gen/Private Label $2,256.3 (1.3)% 2.2%
Fourth Tier $376.0 1.1% (4.7)%
Imports $21.5 (19.1)% (9.7)%
Total $53,742.4 1.1% (0.3)%
The Association for Convenience & Fuel Retailing
Cigarettes Gross Profit2011 vs. 2010
Subcategory Monthly GP$/Store Change GM%
Premiums $6,852 (1.9)% 15.3%
Branded Discount $348 (12.1)% 15.7%
Sub-Gen/Private Label $318 (4.9)% 14.4%
Fourth Tier $53 (2.6)% 13.8%
Imports N/A N/A 14.6%
Total $7,571 (2.6)% 14.6%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
OTP GrowthJan 2009 = 100
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
GP$
Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
OTP Subcategory Sales
Source: Nielsen Syndicated – Convenience Tracking – Total US
Smokeless59.8%, +2.2pts
Cigars34.1%, ‐2.0pts
Papers3.7%, ‐0.1pts
Pipe Cig Tobacco2.3%, ‐0.1pts
Other Tobacco0.1%, flat
The Association for Convenience & Fuel Retailing
OTP Syndicated Sales 2011 vs. 2010
Source: Nielsen Syndicated – Convenience Tracking – Total US
SubcategorySales
(Millions)Sales
ChangeUnits
Change
Smokeless $3,993.6 7.6% 4.7%
Cigars $2,272.3 (2.0)% 2.3%
Papers $244.6 1.2% (0.1)%
Pipe/Cigarette Tobacco $151.8 (2.0)% 0.3%
Other Products & Pipes $4.8 0.1% (6.4)%
Total $6,667.1 3.6% 3.1%
The Association for Convenience & Fuel Retailing
OTP Gross Profit2011 vs. 2010
Subcategory Monthly GP$/Store Change GM%
Smokeless $1,104 6.7% 28.5%
Cigars $628 (2.8)% 34.1%
Papers $68 0.3% 53.1%
Pipe/Cigarette Tobacco $42 (2.9)% 39.7%
Other Products & Pipes $1 flat 35.8%
Total $1,843 2.8% 31.1%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Beer GrowthJan 2009 = 100
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
GP$
Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Beer Subcategory Sales
Source: Nielsen Syndicated – Convenience Tracking – Total US
Premium53.7%, ‐0.8pts
Budget12.7%, flatPopular
11.1%, flat
Imports9.6%, +0.2pts
Flavored Malt4.4%, +0.1pts
Super Premium3.7%, +0.3pts
Malt Liquor2.6%, ‐0.1pts
Micro2.1%, +0.3pts
Non‐Alcoholic0.1%, flat
The Association for Convenience & Fuel Retailing
Beer Syndicated Sales2011 vs. 2010
SubcategorySales
(Millions)Sales
ChangeUnits
Change
Premium $8,283.8 (1.2)% (2.9)%
Budget $1,955.3 0.1% (0.7)%
Popular $1,716.5 0.6% flat
Imports $1,482.4 2.4% 1.8%
Flavored Malt $674.6 1.4% (0.5)%
Super Premium $571.5 10.6% 12.2%
Malt Liquor $402.9 (4.0)% (6.3)%
Micro $329.5 13.9% 16.1%
Non-Alcoholic Beer $12.7 (11.2)% (14.6)%
Total $15,429.2 0.2% (1.4)%
Source: Nielsen Syndicated – Convenience Tracking – Total US
The Association for Convenience & Fuel Retailing
Beer Gross Profit2011 vs. 2010
SubcategoryMonthly Average
GP$/StoreChange GM %
Premium $1,552 1.1% 20.1%
Budget $367 2.5% 21.5%
Popular $322 3.0% 19.0%
Imports $278 4.8% 18.0%
Flavored Malt $126 3.8% 23.2%
Super Premium $107 13.2% 25.1%
Malt Liquor $76 (1.8)% 26.4%
Micro $62 16.6% 27.1%
Non-Alcoholic Beer $2 (9.1)% 28.7%
Total $2,892 2.6% 18.7%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
Dec‐10
Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
Salty Snacks GrowthJan 2009 = 100
GP$
Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Salty Snacks Subcategory Sales
Potato Chips28.0%, +0.4pts
Tortilla Corn Chips
15.8%, ‐0.4pts
Other Salty Snacks
15.5%, +0.1ptsNuts/Seeds
13.3%, +0.4pts
Puffed Cheese8.4%, ‐0.4pts
Crackers5.8%, ‐0.1pts
Mixed5.5%, +0.1pts
Pretzels4.2%, +0.1pts
Ready Popcorn3.5%, ‐0.1pts
Source: Nielsen Syndicated – Convenience Tracking – Total US
The Association for Convenience & Fuel Retailing
Salty Snacks Syndicated Sales2011 vs. 2010
SubcategorySales
(Millions)Sales
ChangeUnits
Change
Potato Chips $1,223.7 8.4% 4.3%
Tortilla Corn Chips $689.6 4.3% (1.5)%
Other Salty Snacks $676.9 7.8% 3.0%
Nuts/Seeds $579.9 10.0% 5.0%
Puffed Cheese $364.6 2.3% (4.8)%
Crackers $252.7 4.7% (4.7)%
Mixed $239.6 9.8% 6.2%
Pretzels $183.5 8.8% 2.3%
Packaged Popcorn $150.5 5.4% (1.0)%
Total $4,361.0 7.1% 1.5%
Source: Nielsen Syndicated – Convenience Tracking – Total US
The Association for Convenience & Fuel Retailing
Salty Snacks Gross Profit2011 vs. 2010
SubcategoryMonthly Average
GP$/StoreChange GM %
Potato Chips $609 10.7% 39.7%
Tortilla Corn Chips $343 6.4% 35.9%
Other Salty Snacks $337 10.0% -
Nuts/Seeds $289 12.3% 40.0%
Puffed Cheese $181 4.4% -
Crackers $126 6.8% 41.9%
Mixed $119 12.0% -
Pretzels $91 11.0% 35.7%
Packaged Popcorn $75 7.6% 38.0%
Total $2,170 9.3% 37.4%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
90
95
100
105
110
115
120
125
130
135
140
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
Oct‐10
Nov
‐10
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Jan‐11
Feb‐11
Mar‐11
Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
Candy GrowthJan 2009 = 100
GP$
Sales
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Candy Subcategory Sales
Chocolate Bars35.6%, +1.0pts
Gum23.7%, ‐2.1pts
Bag Repack Peg17.9%, +0.6pts
Non‐Chocolate Bars
8.4%, +0.2pts
Novelties, Seasonal
7.5%, +0.3pts
Rolls, Mints, Drops6.9%, flat
Source: Nielsen Syndicated – Convenience Tracking – Total US
The Association for Convenience & Fuel Retailing
Candy Syndicated Sales2011 vs. 2010
SubcategorySales
(Millions)Sales
ChangeUnits
Change
Chocolate Bars $1,788.7 8.8% 1.5%
Gum $1,191.2 (2.9)% (5.1)%
Bagged, Repacked Peg Candy $902.6 9.8% 0.6%
Non-Chocolate Bars $421.4 8.7% (0.8)%
Novelties, Seasonal $376.1 10.1% 2.2%
Rolls, Mints, Drops $348.8 5.6% (1.0)%
Total $5,028.8 5.8% (0.5)%
Source: Nielsen Syndicated – Convenience Tracking – Total US
The Association for Convenience & Fuel Retailing
Candy Gross Profit2011 vs. 2010
SubcategoryMonthly Average
GP$/StoreChange GM %
Chocolate Bars $722 10.8% 50.4%
Gum $481 (1.1)% 53.9%
Bagged, Repacked Peg Candy $365 11.8% 49.9%
Non-Chocolate Bars $170 10.7% 43.7%
Novelties Seasonal $152 12.2% 54.9%
Candy Rolls, Mints, Drops $141 7.5% 54.9%
Total $2,031 7.8% 49.6%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
90
100
110
120
130
140
150
160
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
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‐10
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Jan‐11
Feb‐11
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Apr‐11
May‐11
Jun‐11
Jul‐1
1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
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Foodservice Sales GrowthJan 2009 = 100
Frozen Dispensed
Cold Dispensed
Hot DispensedCommissary/Pack Sandwich
Total Foodservice
Prepared Food
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
90
100
110
120
130
140
150
160
Jan‐09
Feb‐09
Mar‐09
Apr‐09
May‐09
Jun‐09
Jul‐0
9Au
g‐09
Sep‐09
Oct‐09
Nov
‐09
Dec‐09
Jan‐10
Feb‐10
Mar‐10
Apr‐10
May‐10
Jun‐10
Jul‐1
0Au
g‐10
Sep‐10
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‐10
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Apr‐11
May‐11
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1Au
g‐11
Sep‐11
Oct‐11
Nov
‐11
Dec‐11
Foodservice GP$ GrowthJan 2009 = 100
Frozen Dispensed
Cold Dispensed
Hot Dispensed
Commissary/Pack Sandwich
Total Foodservice
Prepared Food
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Foodservice2011
Per Store/Per Month Sales $ Margin $ GM%
All Prepared Food $20,257 $11,008 54.3%
Hot Dispensed Beverage $5,824 $3,601 61.8%
Cold Dispensed Beverage $3,975 $2,099 52.8%
Packaged Sandwiches $1,396 $514 36.9%
Frozen Dispensed Beverage $796 $439 55.2%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Foodservice Sales and Margin Change2011 vs. 2010
Per Store/Per Month Sales % Change
GP %Change
Cold Dispensed Beverage 12.3% 14.9%
All Prepared Food 13.0% 13.8%
Packaged Sandwiches (9.5)% (3.0)%
Hot Dispensed Beverage (3.5)% (7.3)%
Frozen Dispensed Beverage (3.3)% (7.4)%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Category SalesBy Quartile (Store Operating Profit)
2011 TopQuartile
2nd
Quartile3rd
QuartileBottomQuartile
Cigarettes $74,535 $33,533 $41,770 $28,608
Packaged Beverages $25,738 $16,230 $15,361 $11,781
Beer $16,665 $13,360 $14,671 $10,518
Other Tobacco Products $6,902 $5,224 $6,610 $3,697
Candy $4,591 $3,775 $3,797 $2,976
Salty Snacks $6,769 $4,182 $2,792 $2,606
Prepared Food $28,293 $8,214 $9,328 $10,055
Hot Dispensed Beverages $9,327 $2,438 $2,665 $2,063
Cold Dispensed Beverages $4,741 $3,883 $2,836 $1,637
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Category SalesBy Quartile (Store Operating Profit)
2011 TopQuartile
BottomQuartile Difference
Cigarettes $74,535 $28,608 2.5X
Packaged Beverages $25,738 $11,781 2X
Beer $16,665 $10,518 1.5X
Other Tobacco Products $6,902 $3,697 2X
Candy $4,591 $2,976 1.5X
Salty Snacks $6,769 $2,606 2.5X
Prepared Food $28,293 $10,055 3X
Hot Dispensed Beverages $9,327 $2,063 4.5X
Cold Dispensed Beverages $4,741 $1,637 3X
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Gross ProfitBy Quartile (Store Operating Profit)
2011 TopQuartile
2nd
Quartile3rd
QuartileBottomQuartile
Cigarettes $9,909 $5,910 $6,140 $4,844
Packaged Beverages $10,026 $6,566 $5,704 $4,437
Beer $3,107 $2,572 $2,428 $2,109
Other Tobacco Products $2,024 $1,822 $1,891 $1,105
Candy $2,179 $1,981 $1,789 $1,488
Salty Snacks $2,537 $1,551 $994 $878
Prepared Food $15,630 $4,094 $4,971 $4,999
Hot Dispensed Beverages $6,040 $1,208 $1,121 $876
Cold Dispensed Beverages $2,553 $1,952 $1,256 $660
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Gross ProfitBy Quartile (Store Operating Profit)
2011 TopQuartile
BottomQuartile Difference
Cigarettes $9,909 $4,844 2X
Packaged Beverages $10,026 $4,437 2X
Beer $3,107 $2,109 1.5X
Other Tobacco Products $2,024 $1,105 2X
Candy $2,179 $1,488 1.5X
Salty Snacks $2,537 $878 3X
Prepared Food $15,630 $4,999 3X
Hot Dispensed Beverages $6,040 $876 7X
Cold Dispensed Beverages $2,553 $660 4X
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Other Income
Per Store/Per Month 2010 2011
Car Wash $2,275 $3,989 75.4%
Lottery/Lotto: Commissions $1,348 $1,540 14.3%
ATM Revenue $788 $852 8.2%
Motor Fuel Image Allowance $837 $519 (38.0)%
Check Cashing $359 $344 (4.2)%
Other Prepaid Cards $134 $280 108.8%
Shower/Laundry $231 $240 4.2%
Other Automotive Services $143 $194 36.1%
Prepaid Telecommunications $222 $180 (19.1)%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Non‐Fuel GP$
Per Store/Per Month 2010 2011 % ChgPrepared Food $17,924 $20,257 13.0%Packaged Beverages $7,158 $7,748 8.2%Cigarettes $7,774 $7,571 ‐2.6%Hot Dispensed Beverage $6,035 $5,824 ‐3.5%Car Wash $2,275 $3,989 75.4%Cold Dispensed Beverage $3,539 $3,975 12.3%Beer $2,820 $2,892 2.6%Salty Snacks $1,986 $2,170 9.3%Candy $1,885 $2,031 7.8%Other Tobacco $1,794 $1,843 2.8%Lottery $1,348 $1,540 14.3%Packaged Sandwiches $1,542 $1,396 ‐9.5%Packaged Sweet Snacks $900 $1,043 15.9%Packaged Ice Cream/Novelties $914 $989 8.2%ATM $788 $852 8.2%Health and Beauty Care $736 $796 8.3%
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
The Association for Convenience & Fuel Retailing
Inside Wrap Up• Tobacco is 42% of sales and 22% of GP$• Beer growth has slowed, but still up• Packaged Beverages back on top
– CSD continues to soften– Energy & Sports growing
• Candy growth steady, strong GM% contributor• Salty snacks…growth driven by potato chips• Grocery is becoming less important to the channel• Foodservice grew; driven by prepared food and fountain• Top Quartile: 2x everyone else in most categories, but 7x in hot
dispensed beverage sales and nearly 4x in cold• Trends in fuel, tobacco and other categories mean we need to
think of other income
Source: NACS State of the Industry Survey of 2011 Data & CSX, LLC.
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