Casey’s General Stores Inc (NASDAQ:CASY) reported a first-quarter FY24 sales decline of 13.2% year-on-year to $3.87 billion, missing the analyst consensus of $3.89 billion.
Inside same-store sales increased 5.4%. Inside gross profit rose 10.3% Y/Y to $556.4 million.
Fuel gallons increased 0.4% on a same-store basis. Total fuel gross profit decreased 3.6% to $297 million.
Operating expenses rose 3.2% Y/Y to $560.8 million.
Casey’s held $439 million in cash and equivalents as of July 31, 2023. Net cash provided by operating activities totaled $229.1 million.
Adjusted EBITDA of $315.4 million increased 7.6% Y/Y.
EPS of $4.52 beat the analyst consensus of $3.38.
As of July 31, 2023, the company had 2,536 stores.
The Board of Directors in September voted to pay a quarterly dividend of $0.43 per share, payable November 15, 2023, to shareholders of record on November 1, 2023.
Outlook: Casey’s has maintained fiscal 2024 outlook for inside same-store sales to increase 3% – 5%, with an inside margin of about 40% – 41%.
It now expects to add at least 150 stores in fiscal 2024.
Price Action: CASY shares traded higher by 9.91% at $263.13 on the last check Tuesday.
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