Casey's Beats Q1 Net View; Grocery Comps Up 7.7%

Casey's General Stores Inc. CASY ticked up in Monday's after-hours session after the company beat fiscal first-quarter bottom-line views and posted better than-expected same-store sales comparisons. The Ankeny, Iowa convenience and gasoline retailer said same-store sales for grocery and other merchandise grew 7.7 percent while gasoline same-store gallons sold were up 3 percent. In the prepared food and fountain category, same-store sales grew 11 percent. For grocery, sales totaled $478 with an average margin of 32 percent; for gasoline sales were up 8.8 percent to 464.2 million gallons with an average margin of 15.3 cents a gallon. Prepared food sales grew 17 percent to $194.6 million with an average margin of 59.9 percent. Operating expenses rose 13 percent to $244.3 million from $216 million, mostly on new stores and acquisitions. First-quarter net income fell to $52.3 million, or $1.34 a share, from $55.7 million or $1.43 a share. But sales grew 8 percent to $2.29 billion, from $2.11 billion a year earlier. Wall Street expected earnings of $1.24 a share, on sales of $2.29 billion. In the extended session Monday, Casey's changed hands recently at $73 a share, up 3.5 percent.