Canadian convenience store operator Alimentation Couche-Tard has reported an unexpected 38% fall in quarterly profit, due to lower petrol margins.

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Couche-Tard posted profit of C$8.8m (US$6.6m), or 9 cents per share, for the third quarter to 1 February, compared to $14.1m, or 16 cents per share, in the year-ago period.


Analysts had been expecting a 50% rise in quarterly profits, boosted by the company’s December acquisition of 1,660 Circle K stores, reported Reuters.


Chief executive Alain Bouchard said changes in fuel margins were part of normal business.


“It’s only a timing issue, there are ups and downs in gas margins,” he was quoted by Reuters as saying.

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“When the crude increases, we just can’t pass the increase to the market the same day. It take weeks and we suffer,” he added.  


The company said sales rose to $1.8bn from $1.1bn, helped by the Circle K acquisition.