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November 28, 2013

CANADA: Couche-Tard profits up despite Q2 sales fall

Canada-based retailer Couche-Tard has booked higher half-year profits, although sales fell in the second quarter.

By Dean Best

Canada-based retailer Couche-Tard has booked higher half-year profits, although sales fell in the second quarter.

Couche-Tard reported first-half net earnings of US$484.8m for the 24 weeks to 13 October, up from US$284.2m a year earlier.

Net earnings climbed 26.8% $229.8m in the second quarter despite a 3% drop in revenues to $9.01bn.

Couche-Tard said the fall in sales came amid lower fuel retail prices, the negative net impact from the translation of revenues from its Canadian and European operations into US dollars and to the sale of its liquid petroleum gas business in December 2012.

It also pointed to the fact this year’s second quarter contained eight fewer days of sales from Norway-based Statoil Fuel & Retail, which the company acquired in June 2012.

It said same-store merchandise revenues were up 3.2% in Canada, 4.5% in the US and 1.9% in Europe.

President and CEO Alain Bouchard said: “The results for the second quarter were very strong and confirmed the trend from the first quarter, especially in Europe where our fuel brand … and our fresh food initiatives continued to deliver strong results.”

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