Casey’s increases dividend, says pizza, breakfast items made for ‘strong’ sales

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Convenience-store chain Casey’s General Stores Inc. CASY, -0.52% late Tuesday reported fiscal fourth-quarter earnings in line with Wall Street expectations and increased its dividend by 9% to 38 cents a share. Casey’s said it earned $59.8 million, or $1.60 a share, in the quarter, compared with $41.7 million, or $1.12 a share, in the year-ago quarter. Revenue rose to $3.45 billion, from $2.38 billion, the company said. Analysts polled by FactSet expected the retailer to earn $1.59 a share on sales of $3.46 billion. Casey’s called the fiscal year 2022 a “record,” thanks in part to “strong” sales of prepared foods and beverages, most notably pizza slices and Casey’s new breakfast offerings. Fuel volume and margins remained strong as well, “despite all-time-high fuel costs and challenging macro-economic conditions,” the company said. Casey’s guided for fiscal 2023 same-store “inside” sales to increase between 4% and 6%, and same-store fuel gallons to be flat to 2% higher for the year. Operating expenses are seen up between 9% and 10%. Casey’s expects to add about 80 new stores in the year. Shares of Casey’s edged 0.3% higher in the extended session after ending the regular trading day down 0.5%.

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

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