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Couche-Tard looks at acquisitions and reports earnings drop
– moneysense.ca
Alimentation Couche-Tard Inc. (ATD/TSX) says its net earnings fell by almost a third in its fourth quarter as inflation-squeezed consumers watch their spending.
Couche-Tard reports earnings for Q4
The convenience store giant says net earnings attributable to shareholders totalled $453 million in the quarter ending April 28, down from $670.7 million in the same quarter last year.
The company says the earnings decline was in part from lower gross margins on fuel, the quarter being a week shorter than last year, and expenses and depreciation related to investments and acquisitions.
Same-store merchandise revenue was down 0.5% in the U.S., by 2% in Europe and by 3.4% in Canada because of lower discretionary spending.
Chief executive Brian Hannasch says in a statement that it was no doubt a challenging quarter, but even with the decline in same-store sales he remains optimistic about the business. To adapt, Hannasch says the company has been working to expand its loyalty program, launch summer drink promotions and improve employee training…
