US convenience retail chain Casey’s has reported a 12% growth in net income, reaching $501.97m for the fiscal year 2024 (FY24) compared to $446.69m in the previous year.
The company’s diluted earnings per share (EPS) saw an increase to $13.43 in FY24 from $11.91 in FY23.
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During the year ending 30 April 2024, Casey’s total revenue fell from $15.09bn in FY23 to $14.86bn.
The retailer’s earnings before interest, taxes, depreciation and amortisation (EBITDA) for FY24 exceeded $1.05bn, up from $952.46m in FY23.
Over the year, the retailer has expanded its footprint by adding 154 new stores, bringing the total to 2,658 and entering its 17th US state, Texas.
In the fourth quarter of FY24, Casey’s witnessed a rise in net income to $87.02m from $56m. Its diluted EPS increased to $2.34 from $1.49 in Q4 FY23.
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By GlobalDataThe retailer also reported robust growth in inside same-store sales, which were up by 5.6% compared to the previous year, and a 12.4% increase on a two-year stack basis.
In June 2024, the company raised its quarterly dividend by 16% to $0.50 per share – the 25th consecutive year of dividend increases.
Casey’s president and CEO Darren Rebelez said: “Casey’s started its three-year strategic plan with a record fiscal year, exceeding $1 billion in EBITDA for the first time in the company’s history.
“Inside same-store sales were outstanding, up 4.4%, or 11.2% on a two-year stack basis, led by strong performance in pizza and bakery as well as alcoholic and non-alcoholic beverages. Strong sales growth was accomplished while improving inside margin.
“Our fuel team achieved market share gains while striking the right balance between fuel gallon growth and gross profit margin throughout the year to drive fuel gross profit up 3.9% from the prior year. The operations team did a tremendous job driving sales growth, while integrating new stores and reducing same-store labor hours for the eighth consecutive quarter.”
Looking ahead to the fiscal year 2025, Casey’s forecasts at least an 8% increase in EBITDA and a 3% to 5% rise in inside same-store sales.
The retailer expects operating expenses to grow by between 6% and 8%, and the company plans to add at least 100 stores through acquisitions and new construction.
