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C-store chain controls costs for profit growth


Ankeny, Iowa – Cost controls helped Casey’s General Stores Inc. boost profit even as revenue fell in its first quarter.

Net earnings grew 23% to $61.8 million from $50.1 million, driven by a significant decline in cost of goods sold.

Total revenue dropped 10% to $2.05 billion, from $2.29 billion. Fuel price volatility negatively impacted revenue results.

Casey’s annual goal is to build or acquire 75 to 113 stores, replace 10 existing locations and perform major remodels on 100 existing locations.

As of the end of the quarter, Casey’s had opened eight new stores, acquired one store, and replaced seven existing stores. The company had 17 major remodels under construction at the end of the quarter, along with 26 new stores and four replacement stores.

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