Convenience store chain Casey’s General Stores reported net revenue of $158 million for the second quarter, up from $137 million last year.
Inside same-store sales increased 2.9 per cent compared to the prior year, and 11 per cent on a two-year stack basis. Total inside gross profit increased 9.7 per cent to $553.3 million.
Same-store fuel volumes were flat, while total fuel gross profit rose 8.6 per cent to $308.8 million.
“Inside same-store sales were driven by prepared food and dispensed beverages, with whole pies and bakery performing exceptionally well,” said Darren Rebelez, chairman, president and CEO of Casey’s.
“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 company expanded its network by 59 stores during the quarter, raising the store count to 2592 as of October 31. It also entered Texas, its 17th state, with a 22-store acquisition that closed in November.
For the full year, the company expects EBITDA to grow by 8-10 per cent, in line with its long-term plans. Same-store inside sales are projected to increase 3.5-5 per cent, while same-store fuel gallons sold to be between negative 1 per cent to positive 1 per cent.
