Canadian convenience store operator Couche-Tard has reported better-than-expected profits for the second quarter, helped by its growing operations in the US convenience store market.
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The Montreal-based company posted earnings of C$26m (US$20.0m), or 30 cents a share, for the second quarter to 12 October, compared to $21m, or 24 cents a share, a year earlier. Analysts had been expecting, on average, earnings of 27 cents a share, reported Reuters.
Sales increased 18% to $952.2m from $806.5m a year earlier. Same-store sales of merchandise, excluding fuel, rose 2% in Canada and 2.5% in the US.
Couche-Tard said it expected earnings to continue to grow with the acquisition go 1,663 Circle K stores from US oil firm ConocoPhillips. Once the deal is completed, which is expected to happen in mid-December, Couche-Tard will become the fourth-largest convenience store operator in North America.
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