US-based convenience store chain Casey’s has posted total revenue of $3.33bn for the third quarter (Q3) of fiscal 2023 (FY23), up from $3.04bn a year earlier.
In the three months to 31 January, the retailer’s total inside sales increased by 8.2%, driven by ‘strong’ performance in its grocery and general merchandise categories.
The company’s inside same-store sales also grew by 5.6% compared with the same period of last year.
Casey’s registered inside margin for Q3 was 40.6% and its total inside gross profit was $450.6m, up by 11.6% from Q3 2022.
The retailer reported net income of $100.11m for the quarter, as well as a 56% increase in diluted earnings per share (EPS) to $2.67.
Its operating expenses rose by around 5% in the quarter.
For the nine months ending on 31 January, Casey’s total revenue was $11.76bn, its net income was $390.59m and its diluted EPS were $10.42.
Casey’s president and CEO Darren Rebelez said: “Thanks to the hard work of our entire team, Casey’s delivered another stellar quarter by driving inside gross profit while managing operating expenses efficiently.
“Inside same-store sales were spurred by grocery and general merchandise, notably non-alcoholic and alcoholic beverages, snacks, and candy.
“Prepared food and dispensed beverage performed well due to strong pizza slice and donut sales.
“The fuel team continues to strike the right balance between gallon volume and gross profit margin.
“Finally, I am very proud of the team’s ability to continue to effectively manage operating expenses in a challenging inflationary period.”
For the full year, Casey’s expects its same-store inside sales to grow by approximately 6-7%.
The retailer also plans to expand its portfolio by opening around 80 stores in the year.
Casey’s previously reported revenue of $8.43bn for the first half of FY23, up from $6.44bn a year earlier.