Convenience store foot traffic rose 0.3% year-over-year in October, marking the second consecutive month of sequential improvement, Jefferies reported. The gain represented an 86 basis point improvement from September.
Traffic turned positive despite elevated gas prices. Murphy USA (MUSA) management said its core lower-income customer base remained selective but resilient, absorbing higher fuel costs by reducing spending in other areas. The chain's same-store gallons stayed slightly positive compared to an industry decline of about 6%, as customers traded down to regular fuel and switched from higher-priced competitors.
Food category trends remained weak. Total food volumes declined 12.5% in the last three months versus 10% in the last six months. Multi-serve pizzas led volume declines at 25%, followed by chocolate at 12.5%, meat snacks at 10.5%, ice cream at 10.5%, and confection at 9.5%.
Performance nutrition shakes stood out with sales up about 21% in the last three months versus 15% in the last six months, driven by roughly 22% volume growth. Chocolate sales weakened further, declining about 5.5% in the last three months versus a 2% drop in the last six months, with volumes falling 12.5%.
Non-alcoholic beverages improved 0.7% year-over-year over the last three months, supported by energy drinks, which rose 6.6%. Soft drinks declined 3.8% on a dollar basis and 6.8% by volume. Beer sales fell 4.4% in the last three months.