Laval, Quebec, Canada Alimentation Couche-Tard reported Tuesday record net income of $129.5 million for its fiscal first quarter, up 42.2% over last year’s period earnings of $91.1 million.
Same-store merchandise sales rose 4.4% in the United States and 6.6% in Canada.
Revenues rose 16.3% to $4.3 billion in the first quarter attributable mainly, according to the company, to the growth of merchandise revenues, an increase in motor fuel sales due to higher average retail prices at the pump, to the rise in motor fuel volume sold in the United States and Canada, as well as to the stronger Canadian dollar.
On April 9, Couche-Tard publicly submitted a proposal to Casey's General Stores’ board of directors to acquire all of the outstanding shares of common stock of Casey's. Casey’s resisted and, as of Tuesday, was still urging shareholders to reject Couche-Tard’s slate of board nominees.
Alimentation Couche-Tard currently operates a network of 5,869 convenience stores in the United States and Canada.