Casey's profit slips in Q1 but beats Street

Ankeny, Iowa -- C-store operator Casey's General Stores Inc. reported Monday a profit of $39 million in the quarter ended July 31, compared with a profit of $39.4 million last year.

Results beat Wall Street expectations, although flat revenue of $1.87 billion missed forecasts of $1.93 billion in sales.

During the quarter, Casey’s completed 26 major remodels, and told Wall Street it would continue its remodeling program in fiscal 2013. President and CEO Robert J. Myers said the plan is to increase store counts by 4% to 6% annually. “We still expect to meet this goal by the end of the fiscal year,” said Myers.

Casey’s said it has 18 new stores under construction and 27 stores under written agreement to purchase.