Alimentation Couche-Tard reported the results for the first quarter of its 2024 fiscal year. The company reported an uptick of 5% for total merchandise and service revenues, resulting in $4.3 billion of business.
Same-store merchandise revenues increased by 2.1% in the U.S., by 2.7% in Europe and other regions and by 6.4% in Canada.
Additionally, the company reported net earnings of $834.1 million for the quarter, compared to $872.4 million for the first quarter of fiscal 2023.
Other highlights include:
- Same-store road transportation fuel volumes increased by 0.7% in the U.S., by 7.2% in Canada and decreased by 1.5% in Europe and other regions.
- Road transportation and fuel gross margin of 50.05 cents per gallon in the U.S., an increase of 1.05 cents per gallon.
- Fuel margins remained healthy throughout the North American network due to favorable market conditions and continued work on the optimization of the supply chain.
- Growth of expenses for the first quarter of fiscal 2024 was 2.9% while normalized growth of expenses was 3.7%, remaining below the average inflation observed throughout the corporation’s network.
- During the quarter, the company reached an agreement to acquire 2,193 sites from TotalEnergies SE located Germany, Belgium, Netherlands and Luxembourg.
- In the same time frame, Couche-Tard repurchased 4.7 million shares for $230 million.
- The corporation also repurchased 10.8 million shares through a private agreement for $529.7 million.
Couche-Tard operates in 25 countries and territories, with more than 14,400 stores, of which approximately 10,800 offer road transportation fuel. Known for its Couche-Tard and Circle K banners, it is one of the largest independent convenience store operators in the U.S. and is a leader in the c-store industry throughout Canada, Scandinavia, the Baltics and Ireland.
