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Casey's General Stores Inc. reports 27.1% increase in net income for first quarter

Casey's General Stores Inc. reported a net income of $273.7 million for the quarter ended July 31, representing a 27.1% increase compared to the same period last year. The company, which is the third-largest convenience retailer in the United States, also reported that inside same-store sales rose 3.2% year-over-year. CEO Darren Rebelez stated that guests responded well to the company's value proposition on high-quality prepared foods, such as whole pies. While fuel same-store gallons sold decreased by 0.3% compared to the prior year, Rebelez noted that the operations team successfully navigated a volatile environment to produce strong results. The company is currently executing a three-year strategic plan that includes opening at least 400 new stores through acquisitions and ground-up development. This plan includes the integration of Fikes Wholesale, which includes 198 CEFCO Convenience Stores. Rebelez noted that about 1% of the total store base faced planned disruptions due to the remodeling of these locations into the Casey's brand. The Casey's Rewards platform has also surpassed 11 million members.

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