Southland Corp. reported that despite record operating...

Southland Corp. reported that despite record operating profits for the second quarter ended June 30, a $54-million pretax addition to the inventory market valuation reserve of Citgo Petroleum reduced net earnings to $81.6 million, down 8% from the prior year on an 11.3% decline in revenue. The Dallas-based firm attributed the lower revenue to much lower retail and wholesale refined product prices. Southland said the performance of the company’s 7-Eleven convenience stores during the quarter was slightly behind a year ago due to the effect of unusually cool and rainy conditions on the stores’ product sales mix, which caused merchandise margins to be somewhat lower than in the prior year.