Valero 2010 Annual Report Download - page 18

16 RETAIL
Valero’s retail segment earned $346 million in 2010,
nearly matching record results of 2008. First and
second quarter results in 2010 were the best ever.
Of total retail operating income for the year, Valero’s
company-owned stores in the U.S. earned $200
million, and Ultramar in Canada added $146 million.
Valero’s U.S. retail operations continued to maintain
strong cash ow despite a challenging economic
environment. It was protable in every month of
2010, and in 53 of 56 months dating to April 2006.
In all, retail has generated cash ow of
$836 million since 2005 in the U.S. The stores
continued to support local communities in 2010,
with record-breaking charitable campaigns for the
Muscular Dystrophy Association ($1.97 million) and
the Children’s Miracle Network ($1.88 million).
In 2010, inside-sales per store in the U.S. grew
4 percent, and customer counts rose 2 percent.
Despite having 10 fewer stores in 2010, inside gross
prot dollars actually rose by $13.6 million. Valero’s
company-owned stores in the U.S. served 865,000
customers per day.
Fuel protability improved over 2009, with sales
of 120,000 barrels per day at 994 stores in the U.S.
Average per-store volume was 155,000 gallons per
month, up 2.1 percent from 2009. Fuel gross prot
was $32 million, 11 percent more than the prior year,
with margins at 17.7 cents per gallon versus
16.1 cents per gallon the previous year.
Expense control at our U.S. stores continues to
make a dierence. Employee turnover was a record
low in 2010, reducing hiring and training costs.
Store supplies were 7 percent below budget, and
$5 million in cost savings were realized through
PATH TO
EXCELLENCE
Retail
VALERO RETAIL POSTED THE BEST FIRST AND SECOND QUARTER RESULTS IN
VALERO HISTORY.