As Market Dips, 7-Eleven and Casey's Follow Suit

The U.S. stock market continued its decline in the period ending Feb. 29, with the Dow Jones Industrial Average hemorrhaging below 10,000 for the first time since April 1999. The CSNews Stock Index followed the broader market downward, losing 255.40 points, or 5.14 percent, ending at 4717.63.

Despite reporting an increase in same-store sales for the month of January, shares of 7-Eleven Inc., Dallas, fell 1.41 points, or 35.16 percent. 7-Eleven's same-store merchandise sales increased 6.2 percent, following a 9-percent increase for January 1999. Gasoline sales hit $180.4 million, compared to last year's $133.5 million. The company attributed the increase to higher retail prices coming from greater wholesale costs of the price of gasoline. 7-Eleven closed at $2.59, and was the top percentage loser.

Casey's General Stores Inc., Ankeny, Iowa, reported record-high third-quarter revenues, but lower earnings per share. Revenues were ahead 37.6 percent, to $403.3 million, but earnings were 10 cents per share, compared to 17 cents earned in the year-ago third quarter. "Three factors worked against us," said Chairman Donald Lamberti. "The high cost of crude oil resulted in our lowest gasoline margins since 1990; increases in wholesale cigarette prices reduced gross margin on in-store sales; and an environment of low unemployment put pressure on wages and employee benefits." Casey's lost 0.63 points, or 6.94 percent, and ended at $8.38.

On the up side, shares of Marsh Supermarkets Inc., Indianapolis, increased 2.94 points, or 21.96 percent, and closed at $16.31. Third-quarter net income for Marsh, which operates Village Pantry convenience stores, came in at $3.3 million, or 39 cents per share, versus $3.2 million, or 38 cents per share. Marsh Supermarkets was the top percentage gainer in this session.