7-Eleven (NYSE:SE) has definitely proved that it is far more than a Slurpee pusher -- although with summer's heat wave upon us, it seems pretty certain that lots of youngsters are enjoying those refreshing treats. The company delivered another cool earnings report on Tuesday, showing that it's still king of the impulse purchase and able to provide even more merchandise to tempt its quick-stop customers.

Motley Fool Stock Advisor pick 7-Eleven delivered second-quarter earnings up 22% at $57.2 million, or $0.45 per share. Excluding special items, earnings came in at $55.3 million, or $0.44 per share. 7-Eleven's sales increased 9.1% to $3.4 billion, while same-store merchandise sales increased 5%, compared with the 7.1% increase it announced the same time last year. Total merchandise sales increased 6.5%, with emphasis on sales of fresh food, hot and cold beverages, cigarettes, and services.

A peek at 7-Eleven's conference call transcript includes a discussion of the company's Retailer Initiative and Model Market Program. We heard a bit about these initiatives -- through which the company uses technology to optimize its merchandise -- when David Gardner interviewed 7-Eleven CEO Jim Keyes for The Motley Fool Radio Show in May.

Meanwhile, fresh foods, which have been one of 7-Eleven's pet projects here lately, continue to do well, with sales in that category increasing 13% during the quarter. Another point brought up in the conference call was that 7-Eleven, unlike many, many other retailers, does not rely on discounting to work its magic. 7-Eleven's all about convenience, and its customers aren't going there looking for bargains. Case in point: Gross margin for merchandise increased 8%. (However, gross margin on gasoline was flat.)

No, 7-Eleven didn't ratchet up its earnings outlook for the year, and that might have disappointed some investors and put off some would-be investors as well. However, despite the high P/E that is afforded 7-Eleven shares, investors might want to give the company that has the corner on convenience some due consideration, given that it continues to drive forth with success from its innovative plans.

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Alyce Lomax does not own shares of any of the companies mentioned.