Canadian convenience store operator Couche-Tard has said net earnings increased by 12.5% to US$54.1m, or $0.26 per share, for the first quarter to 17 July, compared with $48.1m, or $0.23 per share, in the same period of the previous year.

For the 12-week period, Couche-Tard achieved revenues of $2.18bn, compared with $1.83bn for the same period in fiscal 2005, an increase of 19.1%. The company recorded 76.2% of its revenues in the United States, little changed from 76.3% in the first quarter last year.

In the US, revenues totalled $1.66bn, an increase of 18.8%, while revenues in Canada rose 19.5% to $519.1m.

"With the successful integration of Circle K behind us and considering our strong financial position, we will seek out a larger-scale acquisition opportunity and, as stated previously, we will continue to assess the possibility of participating in the development of the Circle K network of international licensees," said Alain Bouchard, president and CEO.