Convenience store operator ARKO has reported that its same-store merchandise sales grew by 0.7% in the second quarter (Q2) of fiscal year (FY) 2023.

During the period ending 30 June 2023, same-store merchandise sales, excluding cigarettes, increased by 3.8%.

The company’s merchandise gross profit contribution grew by $6.5m, or 5.0%, on a same-store basis in Q2 FY23.

Its net income dropped to $14.5m in Q2 FY23 from $31.8m in the prior year’s quarter.                                                                                                                           

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) for the quarter was $86.2m, up $7.2m from $79.0m in Q2 FY22.

Its basic net income per share attributable to common shareholders was $0.11 in Q2 FY23, compared to $0.25 a year ago.

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In the year to date, the company reported a total revenue of $4.5bn and a net income of $11.9m compared to $33.9m a year ago.

Basic net income per share attributable to common shareholders was $0.07 in H1 FY23, down from $0.25 a year ago.

ARKO chairman, president and chief executive officer Arie Kotler said: “I am very proud of the results and performance that the employees of our company were able to achieve this quarter.

“The team’s key focus is to improve our core convenience store operations through targeted initiatives, like increasing assortment and merchandising mix to give our customers the options and convenience they seek.

“We always strive to provide the best service and store experience for our customers. We are very pleased with the pace of integration and early results of recent acquisitions. ARKO’s results this quarter demonstrate that our organic initiatives and core M&A and integration capabilities help create long-term stockholder value.”