Casey’s profit falls on costs associated with fighting hostile bid and recapitalization
Ankeny, Iowa -- Casey's General Stores reported on Wednesday that the costs of its recapitalization plan and its defense against hostile bids by competitor Canada’s Alimentation Couche-Tard take a bite out of its second-quarter net income.
Casey's said it earned $21.7 million for the quarter that ended Oct. 31, compared with $33.6 million in the same quarter last year. The results include roughly $19.4 million in expenses related to its recapitalization plan and the dispute with Couche-Tard.
Casey's quarterly revenue rose nearly 17% to $1.35 billion.
Casey’s operates more than 1,500 stores in the Midwest and recently bought six Short Stop stores in Iowa and 19 On The Way stores in Illinois. The company said last month that it would buy 44 Kabredlo stores for an undisclosed sum.