Convenience-store chain Murphy USA had a net income of $144.8 million for second-quarter 2024, the company announced Wednesday. That’s compared to net income of $132.8 million in second-quarter 2023.
“Murphy USA’s advantaged business model delivered strong second-quarter results led by continued outperformance in the core non-discretionary fuel and tobacco categories,” said President and CEO Andrew Clyde. “Record second-quarter retail fuel contribution dollars helped make up for a slow start in the first quarter and clearly demonstrated that structural margin dynamics remain intact, despite limited volatility versus prior years. Nicotine continues to gain share, while center-of-store results remain mixed, particularly in the Northeast where inflation and other drivers are impacting traffic at QuickChek, more than offsetting the benefits of our initiatives to drive further value in the business.”
Total fuel contribution for second-quarter 2024 was 31.7 cents per gallon compared to 29.5 cpg in second-quarter 2023, the company reported. Total retail gallons decreased 0.6% compared to the same quarter last year, while volumes on a same-store basis declined 1.3%.
- Murphy USA is No. 4 on CSP’s 2024 Top 202 ranking of U.S. convenience-store chains by store count.
Merchandise contribution dollars for second-quarter 2024 increased 4.7% to $216.5 million on average unit margins of 20%, compared to second-quarter 2023 contribution dollars of $206.8 million on unit margins of 19.7%, Murphy USA said.
“Given these trends remain below our high expectations into the third quarter, we are revising our full-year merchandise margin guidance,” Clyde said. “Despite these headwinds, customer spend on non-discretionary categories remains robust in our core footprint, creating sustainable value as our NTI [new-to-industry] activity accelerates in the second half of 2024 and into 2025.”
Nine raze-and-rebuild stores reopened in second-quarter 2024 for the Murphy USA and Murphy Express brands, the chain reported. There were a total of 41 stores under construction at the end of the first half of the year, including NTI stores and raze-and-rebuilds.
Murphy USA operates one of the nation’s largest convenience-store chains, operating in 27 states, located primarily in the Southwest, Southeast, Midwest and Northeast, the majority of which are next to Walmart Supercenters. It acquired the QuickChek brand in January 2021.
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