FINANCE

Casey’s profit slips in Q1 but beats Street

BY Katherine Boccaccio

Ankeny, Iowa — C-store operator Casey’s General Stores Inc. reported Monday a profit of $39 million in the quarter ended July 31, compared with a profit of $39.4 million last year.

Results beat Wall Street expectations, although flat revenue of $1.87 billion missed forecasts of $1.93 billion in sales.

During the quarter, Casey’s completed 26 major remodels, and told Wall Street it would continue its remodeling program in fiscal 2013. President and CEO Robert J. Myers said the plan is to increase store counts by 4% to 6% annually. “We still expect to meet this goal by the end of the fiscal year,” said Myers.

Casey’s said it has 18 new stores under construction and 27 stores under written agreement to purchase.

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REAL ESTATE

Walmart to open three to five more India stores by year-end

BY Katherine Boccaccio

Bangladesh, India — A Tuesday report by Reuters said that the Indian joint venture of Wal-Mart Stores and Bharti Enterprises has announced plans to open three to five cash-and-carry/wholesale stores in India by the end of the year.

The partnership currently operates 17 wholesale stores in India.

Foreign ownership regulations in India do not allow global hypermarket and supermarket chains to open retail stores in the country, but they are allowed to operate wholesale operations.

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FINANCE

McDonald’s global same-store sales rise 3.7% in August

BY Staff Writer

Oak Brook, Ill. — McDonald’s Corp. reported Tuesday that same-store sales overall increased 3.7% in the month of August.

By segment, same-store sales rose 3% in the U.S., 3.1% in Europe, and a hearty 5.7% in Asia/Pacific, Middle East and Africa.

Systemwide sales for the month increased 1.2%.

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