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Casey’s Reports Mixed Q1 Results; Backs FY23 Outlook

Casey’s General Stores Inc (NASDAQ:CASY) reported first-quarter FY23 sales growth of 40% year-on-year to $4.45 billion, missing the consensus of $4.50…
byShivani Kumaresan
September 8, 2022
1 minute read
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  • Casey’s General Stores Inc (NASDAQ:CASY) reported first-quarter FY23 sales growth of 40% year-on-year to $4.45 billion, missing the consensus of $4.50 billion.
  • Inside same-store sales increased 6.3%. Inside gross profit rose 8.8% Y/Y to $504.3 million.
  • Fuel gallons decreased 2.3% on a same-store basis. Total fuel gross profit increased 31.4% to $308.2 million.
  • Operating expenses rose 13.4% Y/Y to $543.3 million.
  • Casey’s held $312.4 million in cash and equivalents as of July 31, 2022. Net cash provided by operating activities totaled $276.2 million.
  • Adjusted EBITDA of $293.2 million increased 20.6% Y/Y.
  • EPS of $4.09 beat the analyst consensus of $3.37.
  • The Board of Directors in August voted to pay a quarterly dividend of $0.38 per share, payable November 15, 2022, to shareholders of record on November 1, 2022.
  • Outlook: Casey’s has maintained the previously disclosed fiscal 2023 outlook.
  • It expects same-store fuel and inside sales to increase 4% – 6%, with an inside margin of about 40%.
  • Price Action: CASY shares closed higher by 2.89% at $221.40 on Wednesday.
  • Photo Via Wikimedia Commons
 
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Shiny Health & Wellness Corp. has signed an asset purchase agreement with Karan S. Holla for his chain of 10 adult-use cannabis retail stores, Stash & Co. in Ontario. The agreement was signed on December 14, following a previously announced letter of intent in October. The Stash & Co. brand and dispensaries will retain their name and remain unchanged. Shiny Health plans to add the Stash & Co. brand to its existing cannabis consumer program to expand its reach to nearly 100,000 loyal customers. Meris Kott, CEO of Shiny Health & Wellness, expressed excitement about the acquisition and the potential for increased revenue and consumer reach. Shiny Health will continue to conduct final due diligence and finalize lease assignments as part of the transaction, which has a total consideration of CAD 1 million ($750,000), including cash and common shares. The completion of the transaction is subject to approval by the TSXV.

TSXV:SNYB