1. News
March 9, 2022

Casey’s revenue increases to $3.04bn in third quarter of FY22

The retailer plans to add around 225 store units by the end of the year.

US-based convenience retail chain Casey’s General Stores has reported $3.04bn in revenue for the third quarter (Q3) of the fiscal year 2022 (FY22), which ended on 31 January.

The company’s net income for the quarter was $64.02m, up from $38.5m in the same period of FY21.

Casey’s registered diluted earnings per share (EPS) of $1.71, up by 64% from $1.04 a year earlier.

The retailer’s inside sales increased to $1.02bn during the quarter from $888m in the third quarter of last year.

Its inside same-store sales recorded a 7.6% rise, driven by strong performance in non-alcoholic beverages, grocery items such as salted snacks and confectionery, and prepared food items.

Casey’s store count reached 2,431 in Q3 after purchasing more than 40 convenience stores from Pilot Corporation for $220m in cash.

The company’s revenue for the first three quarters of the year reached $9.49bn compared to $6.32bn in Q3 2020.

Its net income for this period was $280m and its diluted EPS amounted to $7.50, up from $7.28 a year earlier.

For the full year, Casey’s expects its same-store fuel and inside sales to increase by mid-single digit percentages.

The retailer plans to add around 225 store units by the end of the year.

Casey’s president and CEO Darren Rebelez said: “I am extremely proud of how the Casey’s team generated record third-quarter earnings.

“Inside sales and fuel gallons sold were strong in the third quarter as our merchandising efforts inside the store gained momentum, driving improved guest traffic.

“The results are impressive when taking into account macro conditions such as the Omicron wave, wage and merchandise inflation, and difficult weather.

“Overall, the commitment to our strategy continues to deliver strong results and we look forward to continuing to drive long-term value for our shareholders.”