Casey’s General Stores has reported weaker-than-expected profit figures for its fiscal third quarter.
For the three months to 31 January 0217, net profit fell by 40.1% to $22.8m, while pre-tax profit slumped by 38.2% to $35.6m. Revenue, meanwhile, grew by 13% to $1.77bn, but fell short of analysts’ expectations.
Like-for-like sales of Grocery and other merchandise were up 3%, while Prepared Food & Fountain sales were up 5.8%, both short of its long-term full-year targets.
CEO Terry Handley admitted to persisting “pressures in our operating area”, but also unveiled a new $300m share buyback programme which he said demonstrated “commitment to creating shareholder value”.