: Casey’s beats revenue expectations with snacks, pizza performing well


Casey’s General Stores Inc. CASY, -0.95% stock rose nearly 2% in the extended session Tuesday after the convenience-store operator reported third-quarter profit above Wall Street expectations, saying it managed its expenses well amid “challenging” inflation. Casey’s earned $100 million, or $2.67 a share, in the quarter, compared with $64 million, or $1.71 a share, in the year-ago period. Revenue rose to $3.33 billion from $3.05 billion a year ago, the company said. FactSet consensus called for EPS of $1.97 on sales of $3.3 billion. Casey’s said sales of grocery and general merchandise, “notably” beverages, snacks, and candy, spurred a 5.6% rise in inside same-store sales. Prepared foods also performed well thanks to “strong” pizza and doughnut sales, the company said. “I am very proud of the team’s ability to continue to effectively manage operating expenses in a challenging inflationary period,” Chief Executive Darren Rebelez said in a statement. Casey’s guided for inside same-store sales growth between 6% and 7%, and same-store fuel gallons down 1% to up 1%. Shares of Casey’s ended the regular trading day down 1%.

This article was originally published by Marketwatch.com. Read the original article here.

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