US: Casey's posts Q2 profit growth
Casey's posted Q2 sales growth
US c-store operator Casey's General Stores has posted a jump in quarterly profits on the back of higher sales.
For Casey's second quarter ending 31 October, net earnings were US$37.6m, up from $21.7m in the same period last year. Casey's also reported $0.99 in basic earnings per share for the quarter, compared to $0.51 for the same period a year ago.
Total revenue rose to $1.8bn, up from $1.3bn in the same-year period. Same-store sales rose 5.8% and sales across its grocery category rose 15.8%.
"We are pleased with the second-quarter results, despite the continued challenges impacting our industry," president and CEO Robert Myers said yesterday (6 December).
The half-year figures show net earnings went up 30% to $77m. Basic earnings per share were $2.02, versus $1.27 in 2010. Sales increased from $2.7bn a year earlier to $3.6bn.
Casey's, meanwhile, announced a full-year goal to increase the total number of stores by 4-6%. So far the company had acquired 33 stores and built eight new stores.
"We are on pace to build approximately 30 stores by the end of the fiscal year," said Myers. "The acquisition environment continues to be active, and we remain optimistic about our long-term opportunities."
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