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Yahoo
09-07-2025
- Business
- Yahoo
Fueling Up: What's slowing Yesway down?
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. Few convenience retailers looked more promising a handful of years ago than Yesway. By the time the company turned four years old in 2019, it had surpassed 400 c-stores. The bulk of that growth came from Yesway's $850 million acquisition of Allsup's, the 300-location chain with stores across New Mexico, Texas and Oklahoma. The financial growth also was tremendous, as Yesway hit about $1.5 billion in total revenue in 2020 — smashing the $561 million the retailer garnered the year before. Yesway's aggressive growth inspired its leaders to take their biggest leap yet. In September 2021, the retailer's parent company, BW Gas & Convenience, filed with the Securities and Exchange Commission to take Yesway public. The number of shares to be offered and the price range for those shares weren't established, but the IPO intended to make Yesway the sole managing member of BW while affiliate Brookwood Financial Partners would control all major corporate decisions. Yesway's leaders didn't offer a timeline for the IPO but emphasized in its SEC filing that 'we… believe we are well positioned to continue to solidify our market position and grow our store count.' The retailer also outlined plans at the time to roll out a small-format Allsup's store model, Allsup's Express, that would target on-the-go college students seeking quick food options. But unexpectedly, Yesway axed its IPO plans in late 2022, beginning what I would consider a disappointing few years for the company. Since then, Yesway has barely grown its c-store network, lost some of its top executives to competitors, seemingly scrapped its Allsup's Express model and revealed forthcoming exits from two of its original markets. This stunted growth has led to the question that has swirled my brain the past few months: What's slowing Yesway down? Brookwood CEO Tom Trkla told C-Store Dive in March 2023 that the IPO was halted because of market volatility. He added that Yesway intended to refile with the SEC later that year. 'We always knew we were going to refile,' Trkla said in that interview. 'We'll refile the S-1 sometimes in the second quarter. We're working on that right now, updating it.' But no traction has been made on Yesway's potential IPO more than two years later. A spokesperson from Yesway did not respond by press time when asked if the company is still considering an IPO at this point. In that same 2023 interview, Trkla said that he aimed to double Yesway's store count 'in the next four or five years' and was creating the infrastructure to build anywhere from 60 to 80 locations per year. At that time, Yesway had 430 locations in its network — only 14 less than it had as of late May 2025. A company spokesperson did not respond by press time when asked why Trkla's large growth plans haven't materialized. Not only has Yesway barely grown its c-store count over the past two years, but it's about to see that number drop with the looming sale of 30 convenience stores across Iowa and Kansas, which C-Store Dive first reported back in February. Yesway's spokesperson said in February that these stores didn't match its overall strategy, but a source close to the situation said that selling these 30 locations — as well as the apparent end to the Allsup's Express model — are part of an internal retrenchment strategy. In June, C-Store Dive reported that Omaha, Nebraska-based c-store retailer Mega Saver appears to be looking to buy these 30 sites, signaling that a deal could be approaching. Yesway's changing plans this year coincided with longtime Chief Marketing Officer Derek Gaskins and Vice President of Marketing Darrin Samaha leaving for BP and Parker's Kitchen, respectively, two weeks apart in March. Anyone who's attended a c-store event in recent years knows Gaskins and Samaha were two of the most familiar faces at Yesway — and losing them was undoubtedly a heavy blow. Although Yesway isn't commenting on its challenges, I think it's clear that there are some financial strains happening behind the scenes. While anything can happen, I doubt an IPO is on the way anytime soon. Whether or not Yesway can rebound from its slow couple years and reach its ambitious store growth goals will be worth monitoring. If it can't bounce back, we may soon see another mid-size c-store competitor leaving the industry. Recommended Reading Yesway appears to be in talks to sell Iowa and Kansas c-stores to Mega Saver Sign in to access your portfolio
RNZ News
02-07-2025
- Business
- RNZ News
Consumer spending on the rise
The June quarter will be the first quarter of annual growth since early 2025, Worldline data indicates. Photo: Yiting Lin / RNZ Consumer spending is on the rise, according to latest payments data. Payment services company Worldline data indicates there was a 0.8 percent year on year increase last month, with $3.6 billion spent through all core retail merchants. Worldline NZ chief sales officer Bruce Proffit said the slightly higher level of spending in June followed a similar pattern seen in the previous two months. "Core retail spending had lifted above year-ago levels in April and May, and the continued modest annual growth in June will mean the just-completed June quarter will be the first quarter of annual growth since early 2025." Proffit said the 1.2 percent annual growth rate for the quarter may prove significant in the second half of 2025. "While June is historically the slowest month of the year for retail merchants, June this year was set to be even slower than last year given a Monday replaced a Saturday in the calendar. So, it is especially encouraging to see positive annual growth recorded." However, consumer spend through Worldline's network of hospitality merchants was down 2.4 percent on last year. "The decline was greater in Auckland/Northland (-4.3 percent), while the decline was only slight in Nelson (-0.5 percent), with the Nelson fall largely due . . . to major weather events." Consumer spending was up in the Waikato region (+3.3 percent), before and after the annual mid-month Fieldays event in Hamilton. Total annual core retail spending growth for June was highest in Whanganui (+6.9 percent), Taranaki (+4.1 percent) and Nelson (+4.0 percent), while spending declined on the same month last year in Wellington (-1.8 percent) and Auckland/Northland (-0.7 percent).
Globe and Mail
30-06-2025
- Business
- Globe and Mail
How Did International Comps Boost Costco's Q3 Growth Story?
Costco Wholesale Corporation 's COST third-quarter fiscal 2025 results underscored the growing impact of international operations on overall comparable sales performance. Adjusted for gasoline prices and foreign exchange, total company comparable sales rose 8%. The 'Other International' segment, which includes regions outside the United States and Canada, delivered a standout 8.5% adjusted comparable sales increase, surpassing both the United States (up 7.9%) and Canada (up 7.8%). Traffic in international warehouses climbed 4.8%, closely trailing the company-wide average of 5.2% and indicating solid engagement across newer markets. Moreover, the adjusted average ticket internationally rose 3.6%. These figures highlight the burgeoning strength of Costco's footprint beyond its domestic market. Management emphasized that a shift toward more localized sourcing has supported margin preservation and pricing agility abroad. For instance, sourcing Kirkland Signature laundry products within Asia allowed for a 40% price reduction in those markets, strengthening member value while navigating tariff complexity. The strategy of rerouting tariff-sensitive goods to non-U.S. regions also helped optimize inventory deployment and margin outcomes. That said, international markets were a key pillar of Costco's third-quarter performance. While often overshadowed by U.S. operations, the Other International regions highlight the effectiveness of the company's globally coordinated yet locally tailored model. Even amid shifting trade dynamics, this approach continues to unlock consistent sales momentum. Adjusted comparable sales for Other International regions remained strong in May, rising 8.4%. Sales Scorecard: How DG and TGT Stack Up Against Costco Dollar General Corporation DG reported a 2.4% increase in first-quarter fiscal 2025 same-store sales, driven by a 2.7% rise in the average transaction amount, though partially offset by a 0.3% decline in customer traffic. Dollar General witnessed growth across all key product categories, including consumables, seasonal, home products and apparel. Dollar General now expects same-store sales to rise between 1.5% and 2.5% compared to its prior forecast of 1.2% to 2.2%. Target Corporation TGT experienced a 3.8% decline in comparable sales, following a 1.5% increase in the preceding quarter. This drop was attributed to a 5.7% fall in Target's comparable store sales, which was somewhat offset by a 4.7% increase in comparable digital sales. Target highlighted that traffic, or the number of transactions, dropped 2.4%, and the average transaction amount decreased 1.4%. Costco's Price Performance, Valuation and Estimates Costco stock has been a standout performer, with shares rallying 16.5% in the past year, outpacing the industry 's growth of 7.2%. From a valuation standpoint, Costco's forward 12-month price-to-earnings ratio stands at 50.34, higher than the industry's ratio of 32.3. COST carries a Value Score of D. The Zacks Consensus Estimate for Costco's current financial-year sales and earnings per share implies year-over-year growth of 8.1% and 12%, respectively. Costco currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Target Corporation (TGT): Free Stock Analysis Report Dollar General Corporation (DG): Free Stock Analysis Report Costco Wholesale Corporation (COST): Free Stock Analysis Report This article originally published on Zacks Investment Research (
The Guardian
23-06-2025
- Business
- The Guardian
M&S fashion rivals ‘benefited from its pause on online orders after cyber-attack'
Next, Zara and H&M all benefited from extra sales when their rival Marks & Spencer was forced to halt orders on its website for almost seven weeks after a major cyber-attack that weighed on its own sales. Clothing sales at M&S slumped by a fifth in the four weeks to 25 May compared with the same period a year before after the website, which usually accounts for a third of M&S's clothing and homeware sales, stopped taking orders. Sales had soared 11.5% in the prior three months, according to the latest figures from analysts at Kantar. M&S was forced to stop trade on its website – which sells clothing, homeware, gifts and flowers – on 25 April and did not restart trade until 10 June, so the business missed out on a bumper few weeks in the clothing trade as Britons splashed out on summer essentials during a warm spell. The collapse came despite an industry-wide pickup in sales, with growth rising to 4% during the four weeks to 25 May, up from 1% in the previous four weeks. M&S said the cyber-attack was 'a moment in time', and its stores had performed well 'across all fashion categories and particularly womenswear' when orders on its website were paused. 'This underlines the strength of our product offer – where quality and value perceptions remain market-leading and style perceptions continuing to increase – and loyalty of our customers. A big thank you to them for shopping with us.' It said the strong performance in stores meant that M&S had still managed to hold on to its position as the UK's biggest clothing retailer, by value. Analysts at Jefferies compared M&S's performance with its closest rivals over two 12-week periods – the three months to 25 May and three months to mid April – and M&S's sales growth fell to 1% in the later period from 11.5% before. In contrast, Next brand sales growth rose to 4.8% from 1.6%. James Grzinic, a retail analyst at Jefferies, said this showed the brand had been 'benefiting from the digital disruption seen by major peer [M&S]'. While Zara and H&M's share of the UK market is smaller so that Kantar's market research is perhaps a less reliable guide, it indicates both brands experienced a big pickup in trade, helped by their online service as M&S moved offline. Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion Zara's sales growth rose to 27.8% from 16.1% reported in the prior month, while H&M stepped up to +18.1% from +8.9% previously. One brand that did not experience a pickup in trade was Primark, where sales growth fell to +2.7% from 3.1%, which, Grzinic said, 'confirms that [Primark's] lack of online exposure prevented any market share gains from [M&S's] online fallout'.
Yahoo
21-06-2025
- Business
- Yahoo
99 Speed Mart's Southeast Asia 500 debut is the latest milestone for the company and its founder, a childhood polio survivor
99 Speed Mart, one of Malaysia's largest convenience store chains, is one of the newest firms on the Southeast Asia 500, making its debut after its 2024 IPO, Malaysia's largest in seven years. With $2.2 billion in revenue, 99 Speed Mart generated enough sales to land it at No. 158 on Fortune's ranking of the largest Southeast Asian companies by revenue. The company currently has 2,833 outlets and 20 distribution centers across the country, and plans to reach 3,000 outlets by the end of the year. But 99 Speed Mart's story is also as much a story about its founder, Lee Thiam Wah, as it is about the growth of a convenience store chain. Lee contracted polio at a young age and subsequently lost the use of his legs. He's been wheelchair-bound for much of his life. 'Nobody would hire me due to my physical limitations,' he told Forbes in a 2010 interview. In that interview, he quoted advice from his paternal grandfather: 'If you don't work hard, what will you amount to?' Lee's retail career got its start when he started selling snacks from a roadside stall. He then opened his first mini market in 1987 as a sole proprietorship, then established Ninety Nine Market in 1992. By 1998, he had a network of 8 mini markets, and established 99 Speed Mart two years later. Now, 99 Speed Mart is the largest mini-market player in Malaysia, according to its IPO prospectus. 99 Speed Mart holds 40% of the market against global competition like 7-Eleven, and the chain also has an 11% share of the grocery market. The company raised $532 million in an IPO last September, Malaysia's largest in seven years. The listing made Lee a billionaire, and one of Malaysia's richest men. 99 Speed Mart plans to use the IPO proceeds to fund its global expansion. In an interview with Bloomberg after the listing, Lee said he's looking for 'good opportunities' to go overseas, but has no 'concrete plans' as of yet. (99 Speed Mart briefly had an outlet in Singapore, before withdrawing due to the COVID pandemic). In addition to being the CEO of 99 Speed Mart, Lee also operates franchising rights for Burger King in Malaysia and Singapore, and is the third-largest shareholder of Alliance Bank Malaysia, according to Bloomberg. Shares in 99 Speed Mart are up 9.57% since September's IPO. Malaysia's benchmark FTSE Bursa Malaysia KLCI index is down about 8% over the same period. This story was originally featured on
