Casey's General Stores Inc (NASDAQ:CASY) shares rose in after-hours trading on Monday after the chain of convenience stores reported better-than-expected first quarter fiscal 2024 earnings.
For the three months ended July 31, 2023, the company posted earnings per share of $4.52, up 11% year-over-year from $4.09 and ahead of the Street estimate of $3.36, according to Zacks Consensus Estimate.
The increase was attributed to higher profitability inside the store partially offset by lower fuel margin and higher operating expenses due to operating 82 additional stores when compared to the same period last year.
Revenue also topped expectations of $3.85 billion at $3.87 billion but was down from the year-ago quarter’s $4.45 billion.
“With a more normalized macro operating environment in the quarter, the strength of Casey's unique business model was on full display,” the company’s CEO Darren Rebelez said in a statement.
The company also reiterated its fiscal 2024 outlook, expecting inside same-store sales to increase by 3% to 5%.
It now expects to add at least 150 stores during fiscal 2024.
Casey’s shares were up 3.6% at US$248 shortly following the release of its financial results.
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