Casey’s Q2 income up 43%; bullish on store expansion

Ankeny, Iowa -- Casey’s General Stores, Inc. reported impressive performance for its fiscal first quarter, with net income up 43% to $55.7 million, from $39 million.



Net revenue increased 10.5% to $2.1 billion, from $1.9 billion. The company credited strong sales in all categories, especially gasoline, with driving its performance.



Casey’s said that its annual goal is to build or acquire 70 to 105 stores and replace 20 existing locations. As of the end of the quarter, the company opened four new stores, acquired three stores, and completed five replacement stores. It has 31 new stores and 18 replacement stores under construction, as well as 19 stores under written agreement to acquire.



“Our pipeline of new store constructions and potential acquisitions is as full as it has been in recent history,” said Robert J. Myers, president and CEO of Casey’s. “Our balance sheet remains very strong and we are well positioned to take advantage of opportunities.”