Canadian c-store chain Couche-Tard has booked an increase in first-half profits boosted by acquisitions.
In the 24 weeks ended 14 October, earnings amounted to C$278.1m (US$279.7m), a 9.9% increase on the prior year period. The group said the growth was mainly attributable to the contribution from acquisitions, to the growing contribution of merchandise and service sales, to Couche-Tard’s “sound management” of its expenses as well as to a lower income tax rate.
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Operating profit climbed 40.9% in the period to C$466.4m, while sales grew 48.8% to C$15.34bn.
“During the quarter, our recent acquisitions contributed nicely to our results,” said Alain Bouchard, president and CEO. “On the organic side, the uncertain economic conditions, the competitive tobacco category landscape in the US as well as the relatively high fuel prices continue to be a challenge.”
Couche-Tard purchased Norway’s Statoil Fuel and Retail earlier this year in a NOK53 (US$8.87) per share all-cash offer. In August, the retailer also acquired 29 company-operated stores from Florida Holding.
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By GlobalData
