Alimentation Couche-Tard reports soaring profits in 4Q
Laval, Quebec Canadian c-store operator Alimentation Couche-Tard said Tuesday that net earnings for its fiscal fourth quarter leaped 81%, to $68.8 million.
The company attributed the gains to a combination of factors including an increase in U.S. fuel margins, rises in same-store merchandise sales in Canada and the United States, tightened expense controls and contributions from stores acquired during the period.
Revenues rose 33.7% in the quarter, from $3 billion to $4 billion.
For the year, the company generated a 19.3% increase in net earnings, to $302.9 million.
Alimentation Couche-Tard Inc., which in the United States owns Circle K and has made a $1.9 billion hostile takeover bid for Casey’s, is the leader in the Canadian convenience store industry. Couche-Tard currently operates a network of 5,878 convenience stores in the United States and Canada.
On Monday, Couche-Tard extended its offer for Casey's after picking up 19% of Casey's shares in the initial tender-offer period. The bid will now expire Aug. 6.