Convenience store chain Alimentation Couche-Tard has reported net earnings of $819.2m in the second quarter (Q2) of fiscal 2024 (FY24), up from $810.4m in the same period in FY23.

The retailer’s earnings per diluted share for the quarter were $0.85 against $0.79 in Q2 FY23.

For the 12-week period ended 15 October 2023, Couche-Tard’s total revenues dropped 2.7% to $16.42bn.

Total merchandise and service revenues were $4.11bn, up 1.0% from $4.07bn in the same quarter of the previous fiscal year.

The retailer’s same-store merchandise revenues increased by 1.6% in Canada but dropped by 0.1% in the US and by 0.2% in Europe and other regions. 

Its operating income for the quarter was $1.098bn, up 0.4% from $1.093bn in Q2 FY23.

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By GlobalData

Couche-Tard’s operating, selling, general and administrative expenses increased by 2.5% in Q2 FY24 against the same quarter of the previous year.

The retailer delivered a total gross profit of $2.93bn in Q2 FY24, up 2.7% compared with $2.86bn in the same period of FY23.

Alimentation Couche-Tard president and chief executive officer Brian Hannasch stated: “We are pleased to announce a solid second quarter with good progress across most of our key metrics, although we did see softening in same-store sales in the US, driven by weakness in the cigarette category and cycled against a robust second quarter, up 5.6%, last year.

“In an environment with continued inflation and high interest rates, we remain committed to offering compelling value and ease. We have substantially expanded the rollout of our Inner Circle membership programme, which is now in seven US business units covering close to 3,000 locations with over 2.7 million fully enrolled, providing meaningful convenience and fuel rewards to our most valuable customers.”

In the first half-year (H1) of FY24, Couche-Tard reported net earnings of $1.7bn, down by 1.8% compared with the same period in 2023.

The company’s diluted earnings per share for the period were $1.70 in H1 FY24, against $1.64 for the previous fiscal year.

Its revenues dropped by 9.8%, while gross profit increased by 2.3% over the period.