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Canada's Couche-Tard Quarterly Profit Beats On Higher Fuel Sales

Alimentation Couche-Tard Inc, the parent company of Circle K (formerly Topaz), reported a quarterly profit that topped analysts' estimates on Wednesday as the world's second-biggest convenience store operator benefited from higher fuel sales.

The company's same-store fuel volumes rose 0.6% in the United States, its biggest market, while same-store merchandise revenue was up 4.2%.

Higher Than Expected

Couche-Tard's fuel retail business, which includes more than 8,000 outlets in the United States, rose 59.8% to $11 billion.

Revenue from its convenience stores, which include brands such as CST, Holiday and Circle K, rose 27.6% to $3.55 billion.

Couch-Tard bought Texas-based CST in August 2016 for $4.4 billion to expand its footprint in the southwestern United States.

Net income attributable to the company rose to $455.6 million, or 81 cents per share, in the first quarter ended July 22 from $364.7 million, or 64 cents per share, a year earlier.

Total revenue rose 50.2% to $14.79 billion. Excluding items, the company earned 88 cents per share.

Analysts, on average, were expecting the company to report a profit of 82 cents and revenue of $13.87 billion, according to Thomson Reuters I/B/E/S.

News by Reuters, edited by Checkout. Click subscribe to sign up for the Checkout print edition.

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