7-Eleven, Inc. Reports Strong December 2003 Sales Results

DALLAS, Jan. 13, 2004 -- 7-Eleven, Inc. , the largest chain in the convenience retailing industry, today reported December 2003 sales results. Total December 2003 sales were $901.0 million, an increase of 6.7 percent over the December 2002 total of $844.2 million. Total merchandise sales for December 2003 were $623.1 million, an increase of 5.4 percent over the December 2002 total of $591.2 million. U.S. same-store merchandise sales for December 2003 increased 4.5 percent, on top of a 4.4 percent increase in December 2002. The company estimates that U.S. same- store sales for December 2003 were positively affected by roughly 0.5 percent due to the continued grocery strikes in Southern California. The numbers above reflect a change in reporting prepaid phone card sales from a gross method to a net method as further described below.

Gasoline sales for December 2003 were $277.9 million, a 9.9 percent increase compared to $253.0 million in the prior-year period. Average gallons sold per store increased 4.7 percent in December 2003 compared to the December 2002 result. The average retail price of gasoline for December 2003 was $1.51, compared to $1.42 in December 2002.

Year-to-Date Results

The following figures compare year-to-date results through December 2003 to the same period last year under the revised methodology of reporting prepaid phone card sales on a net basis:

   --  U.S. same-store merchandise sales increased 3.2 percent, on top of a
       3.1 percent increase for 2002.
   --  Merchandise sales are $7.5 billion, an increase of 4.5 percent.
   --  Gasoline sales total $3.4 billion, an increase of 20.0 percent.
   --  Average gasoline gallons sold per store have increased 4.6 percent.

  Prepaid Phone Card Sales

7-Eleven has begun reporting prepaid phone card sales on a net method instead of a gross method. The gross method includes the face value of the card in merchandise sales, while the net method includes only the gross profit dollars from the sale of the card. The change stems primarily from the company's transition from carrying an inventory of 'loaded' prepaid phone cards, to an inventory in which the cards are 'loaded' only after purchase by a customer, thereby eliminating the company's inventory risk. While industry practice is mixed, the company believes that this is the more appropriate treatment to apply to its prepaid phone card sales.

Using the net method has no effect on the company's gross profit dollars or earnings but has the effect of lowering reported merchandise sales and increasing gross profit margin percent.

This method of reporting prepaid phone card sales will be applied to prior periods for consistency. Below is a table that shows prepaid phone card sales under the gross method and the net method for the specified time periods:

                                        December 2002       December 2003
  ($ in millions)                      Gross      Net      Gross      Net
  U.S. Same Store Sales % Growth         5.0%      4.4%      5.1%      4.5%
  Total Merchandise Sales             $606.8    $591.2    $646.3    $623.1
  Total Merchandise Sales Growth         5.7%      5.1%      6.5%      5.4%

  ($ in millions)                    YTD December 2002    YTD December 2003
                                       Gross      Net      Gross      Net
  U.S. Same Store Sales % Growth         3.3%      3.1%      4.0%      3.2%
  Total Merchandise Sales           $7,307.7  $7,149.0  $7,712.5  $7,468.6
  Total Merchandise Sales Growth         4.1%      3.9%      5.5%      4.5%

  Fourth Quarter and Full Year 2003 Results

The company is planning to release fourth quarter and full year 2003 financial results on Thursday, January 29, 2004 before the market opens. A Web cast of the quarterly conference call will begin at 9:00 a.m. Eastern Time and will be accessible via the investor relations section of the company's Web site at www.7-Eleven.com

About 7-Eleven, Inc.

7-Eleven, Inc. is the premier name and largest chain in the convenience retailing industry. Headquartered in Dallas, Texas, 7-Eleven, Inc. operates or franchises approximately 5,800 7-Eleven(R) stores in the United States and Canada and licenses approximately 19,500 7-Eleven stores in 17 countries and territories throughout the world. During 2002, 7-Eleven stores worldwide generated total sales of $33 billion. Find out more online at www.7-Eleven.com .

   Contacts:  Investor Relations:
              Carole Davidson, CFA
              (214) 828-7021

              Media:
              Margaret Chabris
              (214) 828-7345