Convenience store chain Casey’s reported a 5.4 per cent increase in inside same-store sales for the first quarter ended July 31.
Total inside gross profit grew 10.3 per cent to $556.4 million compared to the prior year, with diluted EPS of $4.52, up 11 per cent.
Darren Rebelez, chairman, president and CEO at Casey’s said the company is “off to a great start” on its three-year strategic plan.
“With a more normalized macro operating environment in the quarter, the strength of Casey’s unique business model was on full display. Inside same-store sales were strong, driven by whole pizza pies and the successful launch of Casey’s Thin Crust Pizza.
“The fuel team continues to do an excellent job striking the right balance between gallon growth and gross profit margin, as evidenced by fuel margin of 41.6 cents per gallon while growing same-store gallons,” Rebelez elaborated.
Casey’s raised its store count to 2536 at the end of the quarter and expects to add at least 150 new stores in fiscal 2024.
The company anticipates inside same-store sales to increase 3 to 5 per cent and fuel gallons sold to be between negative 1 to positive 1 per cent for the full year.
