Casey’s annual earnings exceeded $1 billion for the first time as the convenience store chain carried out its strategic plan to accelerate growth.

Net income for the year ended April 30 was $502 million, up 12 per cent, and earnings before interest, taxes, depreciation and amortisation (EBITDA) was $1.06 billion, up 11 per cent over the previous year.

The company’s total revenue was $14.8 billion, down from $15 billion in the prior year.

The firm acquired and opened 154 stores during the fiscal year, bringing its total to 2658 locations, and expanded into Texas. 

“Casey’s started its three-year strategic plan with a record fiscal year, exceeding $1 billion in EBITDA for the first time in the company’s history,” said Darren Rebelez, president and CEO. 

“Inside same-store sales were outstanding, up 4.4 per cent, or 11.2 per cent on a two-year stack basis, led by strong performance in pizza and bakery as well as alcoholic and non-alcoholic beverages. Strong sales growth was accomplished while improving inside margin.” 

For FY25, Casey’s expects EBITDA to improve at least 8 per cent and inside same-store sales to climb 3-5 per cent.