US: Casey's earnings, sales rise
- FY net earnings rise to US$116.8m
- Sales rise to $6.89bn
- "Optimistic" outlook
US convenience group Casey's General Stores has booked an increase in full-year earnings as it successfully offset declining gas profits with increased retail sales and margin gains.
Casey's said full-year net earnings totalled US$116.8m in the 12 months to end-April, up from $94.6m last year.
Gains were driven by strong sales growth, with revenues increasing to $6.98bn in the period, up from $5.63bn in the previous year.
Commenting on the results, president and CEO Robert Myres said the company was "pleased" with its ability to offset weakening gasoline margins through increased sales in-store.
During the fourth quarter, Myres said gas margins dropped 2 cents per gallon year-on-year.
"We were pleased with our ability to offset this decline with strong sales and margin gains inside our stores," he said. "We are optimistic about our growth potential in fiscal 2013 with the various operational initiatives we are implementing."
In the coming year, Casey's said it aims to increase its total store numbers by 4-6%, replace 20 stores and complete 50-75 "major remodels".
Click here for the full earnings release.
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