The 13 chain stores tracked monthly by Tully & Holland reported flat comparable store sales.  This represented the weakest showing since December 2011.  Nearly half of the chains monitored reported declines in same store sales in February, some of which attributed softness to winter storms.

Changes in capital gains tax rates and the interest of several large brick & mortar retailers in expanding their online business contributed to the impressive 2012 year-end M&A activity. Other emerging trends include renewed interest by private equity in brick & mortar and increased interest in housing related retailers.

The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 2.2% for the month of December  Promotions played a large role in this increase in same store sales growth for many retailers.

The 22 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.8% for the month of October.  Amazingly, eighty-two percent of the chains monitored reported same store sales increases for the month.

The US Food Industry continues its resilient growth despite uncertain economic times and rising commodity costs. Consumer discretionary spending and US exports are on the rise driving top line expansion yet margins are under pressure due to the drought and continuing political regulation.

The second quarter of 2012 continued showing improved demand results following a strong Q1.  These positive results occurred despite a YTD circulation decline.

The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 3.5% for the month of July. Amazingly, eighty-three percent of the chains monitored reported same store sales increases for the month.

Recent consolidation in the beer industry has generated robust EBITDA multiples. The average TEV/EBITDA purchase multiple for beer industry transactions since 2010 has been a healthy 18.57x across all transactions including five major pace-setting transactions greater than $1 billion. Coincidentally, Friday's announcement of Anheuser-Busch InBev's purchase of the remaining 50% of Mexican beer maker Grupo Modelo reports the multiple of the impending AB InBev deal will also be 18.57x. While a few mega-deals have dominated the transaction landscape, more than one-third of the 124 M&A brewery transactions since 2010 have been of companies with annual revenue less than $50 million.

The 23 chain stores tracked monthly by Tully & Holland reported a median comparable store sales increase of 4.2% for the month of May. More than eighty-percent of the chains monitored reported same store sales increases for the month.