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September 11, 2012

US: Q1 profits dip at c-store chain Casey’s

US convenience retailer Casey's General Stores has reported a fall in first-quarter profits on the back of flat turnover hit by a decline in fuel sales.

By Dean Best

US convenience retailer Casey’s General Stores has reported a fall in first-quarter profits on the back of flat turnover hit by a decline in fuel sales.

Casey’s booked net income of US$39m for the three months to the end of July. A year earlier, net profit was $39.4m. Operating income reached $62.1m, compared to $63.5m.

Revenue was flat at $1.87bn but the sales picture was mixed across Casey’s departments. Gas sales dipped 0.2% amid the hot weather in the US.

Sales of grocery and other merchandise were up 2.6%, although Casey’s target is to increase sales from this unit by 6% a year.

Casey’s said prepared food and fountain same-store sales increased 10.6%. Its annual target is 11%.

The retailer said the results were “solid” in a “challenging quarter”.

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