Casey’s General Stores raised its profit by nearly a half amid solid sales growth in the third fiscal quarter.
The convenience store chain saw its net income increase 49.3 per cent to $130.1 million in the quarter ended January 31. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose 27.5 per cent to $308.9 million.
Total inside sales grew 5.7 per cent to $1.4 billion, with same-store sales up 4 per cent. Whole pizzas and hot sandwiches led prepared food sales, while non-alcoholic beverages drove grocery and general merchandise sales.
Total fuel gallons sold increased 2.3 per cent, and same-store fuel gallons were up 0.4 per cent.
The company noted that its Casey’s Rewards program surpassed 10 million members during the quarter.
“Casey’s achieved another successful quarter as strong sales and margin expansion drove performance,” said CEO Darren Rebelez. “Our high-quality inside offering, along with a compelling value proposition, continues to attract guests to our stores.”
The company expects inside same-store sales to increase 3.5-4.5 per cent and EBITDA to grow 18-20 per cent for the full year.
- Further reading: Casey’s earnings soar on higher sales in Q1.
