Higher fuel prices might have dampened profits for some major corporations, but those that sell gasoline certainly gained. Susser, the Texas-based operator of Stripes convenience stores, saw revenues soar as it sold more merchandise and higher gas prices stoked fuel revenue.
In fact, the company sold more gasoline despite the higher prices. For the fiscal year, net income rose to $47.5 million or $2.68 per share, compared with the previous year's $786,000 or $0.05 per share. In particular, Susser gained from its focus on Texas, which has fared better than other states in terms of unemployment and the housing market. The company has said it will continue gaining in Texas.
|American Airlines, US Airways to form largest air carrier Monday|
|Boost for trade as global deal struck|
|'Volcker rule' finally at finish line|
|Someone bought a $100,000 Tesla with Bitcoins|
|2 million Facebook, Gmail and Twitter passwords stolen in massive hack|
Investors in these Fortune 500 companies saw devastating losses