Canadian convenience store operator Alimentation Couche-Tard has reported higher earnings and said it is continuing its US expansion.
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Net earnings were C$55m, or 27 cents per share, for the second quarter to 9 October, compared to $38.3m, or 19 cents per share, for the year-ago period. Total revenues were $2.39bn, up from $1.84bn a year earlier.
“Our results demonstrate that Couche-Tard has successfully adapted to oil market conditions while remaining competitive. In this market, which was particularly volatile during the period, we achieved satisfactory results overall by adopting a pricing strategy in certain markets to increase volume, despite the surge in pump prices, a shortage of motor fuel in some regions and the competition,” said chairman, president and chief executive officer Alain Bouchard.
“I would also point out the results of our efforts to improve our profitability as operating, selling, administrative and general expenses as a percentage of revenues were further lowered during the quarter. Our expansion initiatives are continuing and, according to the three acquisition agreements signed during the second and the third quarters, we expect to add 49 stores in the United States shortly,” he added.
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