US convenience store retailer Casey’s General Stores has reported a rise in quarterly profits as new outlets and better same-store food sales increased revenues.
The company said on Wednesday (7 September) that its net earnings were up 5.6% in the three months to the end of July, the first quarter of its financial year.
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Casey’s said its basic earnings per share grew 42.5% to $1.04. Excluding costs linked to last year’s rebuttal of a hostile takeover bid from rival retailer Couche-Tard, basic earnings per share were up 28.4%.
The retailer’s revenues jumped 37.6% to $1.87bn thanks to a broader store estate and higher same-store sales from departments including grocery and prepared food.
Casey’s said same-store sales from grocery and other merchandise was up 5.8%. Its prepared food and fountain same-store sales increased 15.3%. However, same-store gallons fell 2.7% as retail fuel prices rose.
Nevertheless, president and CEO Robert Myers was upbeat about the start to Casey’s financial year. “We are off to a great start for fiscal 2012 with a record quarter, due in part by operating 132 more stores this quarter versus last year’s first quarter. The features of the new store design are proving to be very popular with our customers and are driving inside sales.”
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By GlobalData
