Caseys Q4 profit up but misses Street
Ankey, Ohio -- Casey's General Stores Inc. reported that its fiscal fourth-quarter profit fell short of expectations due to weak margins on gasoline sales.
The convenience store operator said that it earned $23.1 million for the quarter that ended April 30, up from $22.8 million last year. Revenue increased 13% to $1.75 billion.
Casey's said that its gas margins were down nearly two cents per gallon compared with last year. However, the company said it was able offset that with strong sales and margin gains inside its stores.
Casey’s, which operates 1,699 stores, said grocery and other merchandise same-store sales increased 8.5% during the quarter. Prepared food and beverage same-store sales jumped 16.8%.