Casey’s built or acquired 59 stores in Q2 FY24. Credit: Ken Wolter via Shutterstock.com.

US convenience chain Casey’s General Stores has reported net income of $158.7m in the second quarter (Q2) of fiscal 2024 (FY24), up 15% from $137.5m in the same period in FY23.

The retailer’s diluted earnings per share (EPS) for the period were $4.24, up by 16% from $3.67 in the same period of the previous year.

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Its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 13% to $305.8m in Q2 FY24.

During the quarter ending 31 October 2023, Casey’s inside same-store sales increased 2.9% compared to the previous year, and its inside margin was 41.1% against 39.8% in the corresponding period of fiscal 2022.

The retailer registered a total inside gross profit of $553.3m, an increase of 9.7% from the same period of the previous year.

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Casey’s developed or purchased 59 stores in Q2. It recently acquired 22 stores in Texas, marking its debut in the US state.

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The company aims to add at least 150 stores to its portfolio in FY24.

Casey’s chairman, president and CEO Darren Rebelez stated: “Due to the hard work of our team, Casey’s delivered an outstanding second quarter highlighted by strong inside and fuel gross profit growth.

“Inside same-store sales were driven by prepared food and dispensed beverages, with whole pies and bakery performing exceptionally well. Our fuel team continues to do an excellent job finding the right balance between gallon growth and gross profit margin, as evidenced by another strong fuel margin quarter while same-store gallons were flat.

“The team continued to effectively manage the stores by reducing same-store labour hours while growing the business at the same time.”

For the full fiscal 2024, the retailer expects EBITDA growth to be in line with its long-term strategic goal of 8% to 10%.

Casey’s anticipates same-store inside sales in fiscal 2024 to grow from 3.5% to 5%.