Southland Corp. posted a 41% drop in...

Southland Corp. posted a 41% drop in second-quarter earnings to $47.5 million. The Dallas-based company, the world’s largest convenience retailer, said earnings comparisons for the quarter were affected by the continuing costs of new 7-Eleven marketing programs and higher depreciation charges and store-rental costs from new store openings and remodeling. The company also noted that income taxes were up $10.1 million. In addition, Southland recognized in its 1986 second-quarter earnings 100% of Citgo’s earnings of $27.9 million. The company sold 50% of Citgo Petroleum last year. Convenience-store sales were up 10.1%.