Casey’s Reports Second Quarter FY22 Net Income of $ 96.8 Million
U.S.-based convenience store chain Casey’s General Stores reported second quarter (Q2) net income of $ 96.8 million for fiscal 2022 (FY22), compared to $ 111.98 million. dollars last year.
The company’s revenue for the quarter increased to $ 3.26 billion from $ 2.22 billion a year earlier.
Driven by a “strong” performance in packaged beverages and grocery items, the retailer’s same store sales increased 6.0% from the same period last year.
For the three months ended October 30, Casey’s total internal gross margin increased 12.3% to $ 463.4 million from the second quarter of 2020.
The retailer’s diluted earnings per share (EPS) was $ 2.59, down from $ 3.00 at the same time last year.
Its adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) were $ 217 million, up from $ 223 million the year before.
Casey President and CEO Darren Rebelez said, “Inside sales and gallons of fuel sold increased in the second quarter as customer traffic continues to improve.
“I am very proud of how the Casey’s team responded in a tough business environment this quarter.
“Internal gross margin increased strongly despite pressures on product availability, particularly in our prepared foods and prepared beverages business, and in an inflationary supply chain environment.
“Our fuel team achieved strong margins in a tough, rising cost market while increasing the gallons of fuel sold.
“We are making excellent progress in integrating the Buchanan Energy and Circle K acquisitions and look forward to doing the same with the pending acquisition of Pilot. ”
For the first six months of fiscal 22, Casey’s net income was $ 215.9 million, compared to $ 232.5 million in the first half of last year.
In September, the company bought more than 40 convenience stores from Pilot Corporation in a $ 220 million all-cash transaction.
Casey’s expects this acquisition to add approximately 225 units to its network in FY 22, after previously forecasting an additional 200 units.