C-store chain bullish on store expansion; to enter Ohio

Casey’s General’s Stores on Tuesday detailed an aggressive store expansion and renovation schedule along with record earnings for its first quarter.



The Iowa-based chain expects to build or acquire 77 to 116 stores, replace 35 existing locations, and complete 100 major remodels in its current fiscal year. Currently, it has 39 new stores under construction, including its first store in the state of Ohio.



In addition, Casey’s has 72 sites under contract for future new builds, and eight acquisition stores under contract to purchase. The company also has 22 replacement stores under construction, and 15 major remodels under construction.



“Our second distribution center in Terre Haute, Indiana, which became operational in February of 2016, opens new territory for future expansion,” stated Terry Handley, president and CEO. “The state of Ohio will mark the company's 15th state of operation. We are excited about our future growth opportunities in both existing and new markets.”



For the quarter ended July 31, Casey’s reported diluted earnings per share of $1.70, compared to $1.57 per share for the same quarter a year ago.



“Fuel gross profit dollars increased 19.1% for the quarter as both same-store gallons and margin exceeded goal,” said Handley. "We were pleased with the performance inside our stores as gross profit dollars excluding fuel increased 6.7%, despite the recent weaknesses reported in the broader convenience and food service industries."