1. News
June 8, 2022

Casey’s registers $12.9bn in full-year revenue for FY22

The convenience retailer plans to open around 80 stores during FY23.

US-based convenience store chain Casey’s has reported $12.9bn in total revenue for the 12 months to 30 April (FY22), compared with $8.7bn for the previous 12-month period (FY21).

The company’s inside sales for the year grew by 14% to $4.34bn, while its inside same-store sales rose by 6.6% compared with 4.0% in FY21.

Casey’s net income for the year grew from $312.90m in FY21 to $339.79m in FY22, while its diluted earnings per share (EPS) reached an all-time high of $9.10, up from $8.38 in the prior year.

In the fourth quarter (Q4) of FY22, Casey’s revenue grew to $3.45bn from $2.37bn in the corresponding period of the prior year.

The company’s total inside sales for the quarter reached $1.03bn, while its inside same-store sales grew by 5.2%, down from 12.8% in FY21.

Its net income for Q4 was $59.77m and its EPS for the quarter were $1.60.

Casey’s president and CEO Darren Rebelez said: “Casey’s delivered another record fiscal year to its shareholders with inside sales up 6.6%.

“Inside same-store sales were driven by strong prepared food and dispensed beverages, most notably pizza slices and our new breakfast offering.

“Private label’s tremendous progress resulted in exiting the quarter at 5% sales penetration of the grocery and general merchandise category.

“Despite all-time high fuel costs and challenging macro-economic conditions, fuel volume and margins remained strong.”

For the fiscal year 2023 (FY23), Casey’s expects its same-store inside sales to increase by between 4% and 6%, with an inside margin of around 40%.

The retailer plans to open around 80 stores in FY23 and exceed its stated three-year commitment of 345 units.

Casey’s added a total of 228 stores, including 207 acquired locations, during FY22, ending the year with 2,452 stores.

In March this year, the retailer reported $3.04bn in revenue for the third quarter (Q3) of FY22.