Shares in Canadian forecourt and convenience retailer Couche-Tard fell yesterday (30 August) despite the company booking an increase in first-quarter profits.

Couche-Tard posted a 10% rise in quarterly net profit to US$139.5m but missed market estimates due to higher motor fuel prices, sending its shares down 5.51%. The company recorded EPS of $0.75 versus analyst forecasts of $0.78.

Operating profit in the period ended 17 July climbed 5.2% to $182.2m, while sales in the quarter amounted to $5.17bn, a 23.9% increase on the prior-year period.

Same-store merchandise revenues increased by 1.5% in the US but dropped by 0.2% in Canada as a result of poor weather conditions.

"I am pleased to announce that our results are on the rise despite the obstacles we are facing, namely rising motor fuel prices, a still fragile economic environment, adverse weather conditions and a highly competitive environment", said Couche-Tard CEO and president Alain Bouchard.

For the remainder of fiscal 2012, the company said it expects to "pursue its investments with caution" in order to improve its network.

The firm however, said it is "well-positioned to realise acquisitions and create value".