Casey's posts higher 2nd-quarter earnings, sales

Joint fuel saver program with Hy-Vee Food Stores helped numbers, official says

George Ford
Published: December 10 2013 | 3:15 pm - Updated: 29 March 2014 | 12:41 am in
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Ankeny-based Casey's General Stores on Tuesday reported higher second-quarter earnings and sales.

The convenience store chain posted earnings  of $1.06 per share for  the quarter that ended on Oct. 31, compared with 85 cents per share for the same quarter a year ago. Revenue rose to $2 billion in the second quarter of fiscal year 2014 from $1.9 billion in the same quarter of fiscal year 2013.

"For the second quarter, total inside sales were up 15.5 percent and total gasoline gallons sold increased 9.8 percent compared with the same quarter a year ago,” said Casey's Chairman and CEO Robert Myers.

Casey's increased same-store gallons of gasoline sold by 4.2 percent with an average margin of 16.7 cents per gallon. That topped the company's fiscal 2014 goal of increasing same-store gallons sold by 1.5 percent with an average margin of 15 cents per gallon.

Myers attributed the higher numbers to the success of Casey's joint fuel saver program with Hy-Vee Food Stores, which the company's implemented  in December 2012. He said the program has driven new customers to Casey's.

Casey's has an annual goal of increasing same-store grocery and food sales by 9 percent with an average margin of 62 percent. For the second quarter, same-store sales were up 12.3 percent with an average margin of 61.8 percent.

“Our prepared food sales continue to benefit from various growth initiatives such as 24-hour expansion, pizza delivery, and major remodels," Myers said. "The margin is slightly below goal due to increased input costs such as meat and supplies."

 

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