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March 6, 2012

US: Casey’s eyes growth as Q3 earnings rise

US c-store operator Casey's General Stores has recorded an increase in third-quarter profit and said it continues to expand its footprint in new states.

US c-store operator Casey’s General Stores has recorded an increase in third-quarter profit and said it continues to expand its footprint in new states.

For the three months to the end of January, net profit climbed 29.7% to US$16.7m, the company reported yesterday (5 March). Sales in the period amounted to $1.58bn, a 3.5% increase on the prior-year period.

In the year-to-date period, net profits grew 30.4% to $93.7m. Year-to-date basic EPS amounted to $2.46 versus $1.64 for the same period last year. After adjusting for costs associated with the hostile takeover attempt by Alimentation Couche-Tard last year, basic EPS would have been $1.87 year-to-date.

Sales in the period amounted to $5.23bn, a 28.2% increase on the prior-year period.

“The solid third-quarter results continue to demonstrate that Casey’s is executing well on our strategic plan,” said president and CEO Robert Myers. “We are expanding our footprint in our current market as well as the development of new states.”

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