Casey's Same-Store Sales Growth Declines Despite Higher Revenue

Dow Jones
Sep 09
 

Casey's General Stores recorded higher revenue in the fiscal first quarter, but same-stores sales growth slowed.

The convenience store chain said inside same-store sales increased 3.2%, a decline from the year before. The figure was below the 4.1% growth analysts were projecting.

Growth in same-store sales of grocery and general merchandise fell by more than a percentage point to 2.7%. Prepared food and dispensed beverage same-store sales growth fell to 4.8%, from 5.6% the year before.

Total revenue rose 24% to $5.68 billion. Analysts surveyed by FactSet forecast revenue of $5.56 billion.

Shares declined 10% to $658.99 in after-hours trading.

Profit in the quarter was $273.7 million, or $7.37 a share, compared with $215.4 million, or $5.77 a share, a year earlier. Analysts expected $6.78 a share.

Casey's reaffirmed its full-year outlook.

 
 

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