Casey’s convenience stores’ product portfolio comprises food and non-food products and other grocery items. Credit: Tim Vrtiska/Flickr (Creative Commons).

Convenience store chain Casey’s has registered a net income of $446.7m in fiscal year (FY) 2023, an increase of 31.5% compared to FY22.

During the FY ending 30 April 2023, the company generated $15.09bn in revenue against $12.95bn a year ago.

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Casey’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for FY23 increased by 18.9% to $952.5m.

Its diluted earnings per share (EPS) were $11.91, representing a 30.9% growth against the prior year.

In the fourth quarter (Q4) of FY23, Casey’s revenue declined slightly to $3.32bn from $3.45bn in the corresponding period of FY22.

The convenience chain’s total inside and inside same-store sales increased by 8.4% and 6.5% over the quarter.

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Its net income dropped to $56.09m in Q4 FY23 from $59.77m in the prior year quarter. Its diluted EPS also decreased to $1.49 over the quarter.

Casey’s president and CEO Darren Rebelez said: “Casey’s closed out its three-year strategic plan with another record fiscal year for its shareholders, highlighted by 19% EBITDA growth and 31% diluted EPS growth.

“Inside same-store sales performed well, up 6.5%, or 13.6% on a two-year stack basis, led by alcoholic and non-alcoholic beverages, as well as strong performance in pizza and bakery. We continued to strike the right balance between fuel gallon volume and gross profit margin throughout the year to drive fuel gross profit up 15.7% from the prior year.

“The team did a tremendous job managing cost as same-store operating expense excluding credit-card fees were only up 2.8% versus the prior year.”

For FY24, Casey’s expects its inside same-store sales to grow from 3% to 5% while its inside margin is anticipated to improve from 40% to 41% over the year.

The retailer plans to open approximately 110 new stores in FY24, having opened 81 in FY23, ending the year with 2,521 stores.

Rebelez added: “As we look to discuss our next strategic plan on 27 June, I am proud of the hard work and dedication of the Casey’s team and we are well positioned to continue delivering long-term shareholder value.”