Associate Editor, Convenience Store News Canada + OCTANE
The new stand-alone store in Montreal featuring the Bites On the Run by M&M Food Market concept
Parkland Corporation announced its financial and operating results for the second quarter of this year with an Adjusted EBITDA up 4% or $470 million from the same time in the second quarter of 2022.
For Canada, Adjusted EBITDA was $150 million for this quarter, down from $174 million for the same three months in 2022 or 14%. Fuel unit margins were also reported to be lower than during the same period last year even as fuel volumes increased from last year, due to company volume Same Store Sales Growth (SSSG) of 9.3%, and by 2022 acquisitions.
Food and c-store SSSG increased to 3.1%, up from 0.6% in the second quarter of 2022.
Internationally, Parkland delivered strong growth with EBITDA reported for this quarter at $168 million, up 93% from the previous year’s second quarter of $87 million. That growth was driven by higher volumes in the company’s retail and commercial businesses, and organic growth and from the completed Jamaica acquisition.
In recent news, Parkland last month launched Bites On the Run by M&M Food Market within On the Run c-stores in Montreal.
"I would like to thank the Parkland team for safe, consistent execution this quarter. We are building tremendous momentum across Parkland, positioning us to deliver a strong year at the higher end of our 2023 Adjusted EBITDA guidance," Bob Espey, president and Chief Executive Officer, said in a release announcing the results. "We are advancing every part of our strategy, driving organic growth through customer-focused marketing programs, capturing synergies and cost efficiencies, and advancing our portfolio optimization efforts. I am confident we will deliver our $2 billion Adjusted EBITDA ambition by 2025 without further acquisitions, while reducing leverage, and improving shareholder returns."