Canadian convenience store operator Alimentation Couche-Tard has reported a sharp rise in first-quarter net earnings, boosted by the contribution of Circle K, which it acquired last December.
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The company reported net earnings of C$66.4m (US$50.9m), or 65 cents per share, for the first quarter to 18 July, compared to $22.9m, or 26 cents per share, in the year-ago period.
“We are very pleased with our first-quarter results in both our Canadian and US markets, as well as with how efficiently Circle K’s integration is going,” said chief executive Alain Bouchard.
Bouchard added that Circle K’s integration plan is on track and the company expects that the forecast synergies will be realised faster than expected.
First-quarter sales were $2.49bn, up from $880.9m for the same quarter a year earlier. The result includes $1.42bn from Circle K, which contributed to results for the full period. The company generated 76.3% of its sales in the United States, compared with 40.6% in the first quarter last year.
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By GlobalDataBouchard said fiscal 2004-2005 is off to a good start, leaving the company confident and optimistic about the coming periods. He added that the company remains on the lookout for expansion opportunities in its various US networks.
