Convenience retail chain Casey’s General Stores has reported that its inside same-store sales grew 5.4% in the first quarter Q1 of fiscal year (FY) 2024 compared to the prior year.
The retailer’s same-store operating expense, excluding credit card fees, increased by 3.4% in the quarter.
The total inside gross profit of Casey’s for the quarter was $556.4m, up 10.3% against the same period in FY23.
During the quarter ending 31 July 2023, Casey’s reported total revenue of $3.86bn, down from $4.45bn in the same period a year ago.
The retailer’s net income for the quarter was $169.23m, an increase from $152.93m in Q1 FY23.
Its diluted earnings per share (EPS) were $4.52, up 11% from $4.09 in the same period a year ago.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Casey’s chairman, president and CEO Darren Rebelez said: “Our team is off to a great start on our three-year strategic plan, highlighted by an 11% increase in diluted EPS.
“With a more normalised macro-operating environment in the quarter, the strength of Casey’s unique business model was on full display. Inside same-store sales were strong, driven by whole pizza pies and the successful launch of Casey’s Thin Crust Pizza.
“The fuel team continues to do an excellent job striking the right balance between gallon growth and gross profit margin, as evidenced by fuel margin of 41.6 cents per gallon while growing same-store gallons. Finally, I am very proud of our team’s ability to effectively manage operating expenses as we continue to prioritize simplification and efficiency inside our stores.”
In the full year of 2024, the retailer expects inside same-store sales to increase from 3% to 5%. It also expects the inside margin to improve by approximately 40% to 41%.
Last month, the convenience retailer entered into an agreement to acquire 63 locations from EG America, a subsidiary of EG Group.