Yesway Grows Net Income

Yesway’s net income increased to $29.7 million in the second quarter ended June 30, up from $24.2 million in the same period last year, the company reported Thursday.

Same-store inside merchandise sales increased 1.2% year-over-year and same-store fuel gallons sold increased 1.4%, according to a news release. 

Excluding 29 stores in Iowa and Kansas that are expected to be sold by the end of the year, same-store inside merchandise sales were up 1.5% year-over-year and same-store fuel gallons sold increased 1.8%, according to the release.

The company has had same-store inside merchandise sales growth in 18 of the past 19 quarters, the release said. 

“Our second quarter was a milestone in our company’s history, reflecting broad-based execution across both our fuel and inside merchandise businesses,” CEO Thomas N. Trkla said in the release. “We set new records across several key measures, including fuel gallons sold, fuel gross profit, inside merchandise sales, inside merchandise gross profit and Store Contribution. This operating momentum drove Adjusted EBITDA growth of 35% year-over-year in the second quarter.”

Yesway has 450 stores, including the Yesway and Allsup’s brands. 

“Looking ahead, our strong operating performance and significant cash generation are increasing our financial flexibility to fund our organic growth initiatives and pursue acquisitions as compelling opportunities arise,” Trkla said. 

Yesway went public earlier this year. The company recently launched the Summer of America promotion that runs through September 8.