The retailer reported revenue of C$17.6bil (US$12.9bil) for its fiancial fourth quarter ended April 28, surpassing the average analyst estimate. — Bloomberg
MONTREAL: Alimentation Couche-Tard Inc, Canada’s most valuable retailer and the operator of the Circle K and Couche-Tard chains, reported lower-than-expected earnings amid weaker fuel sales.
The convenience store and petrol station operator, based in Laval, Quebec, reported revenue of C$17.6bil (US$12.9bil) for its fiancial fourth quarter ended April 28, surpassing the average analyst estimate.
But earnings per share of 48 Canadian cents missed investor expectations.
The retailer, which operates or has licencing agreements for more than 16,700 stores in 29 countries and 47 US states, gets the majority of its revenue through fuel sales.
The company has been focused on expanding its income in that segment, recently acquiring European petrol stations from TotalEnergies SE.
While US fuel margins for the fourth quarter slightly exceeded the average analyst estimate last quarter, overall US fuel revenue fell 8.8% from a year earlier amid lower demand.
Couche-Tard also saw same-store merchandise sales decline as consumers deal with heightened inflation and limit discretionary spending. — Bloomberg
