Press release
Casey’s Issues Business Update Ahead of the ICR Conference
ANKENY, Iowa--(BUSINESS WIRE)-- Casey’s General Stores, Inc. (“Casey’s” or the “Company”) (Nasdaq: CASY), one of the leading convenience store chains in the
About this update from Caseys General Stores, Inc.
[{"type":"text","content":" ANKENY, Iowa--(BUSINESS WIRE)--\nCasey’s General Stores, Inc. (“Casey’s” or the “Company”) (Nasdaq: CASY), one of the leading convenience store chains in the United States, announced it will be participating virtually at the ICR Conference on Wednesday, January 13, 2021, at 1:30pm central time. A live webcast of the event will be available through the Company’s website on the Investor Relations page at investor.caseys.com.\n\nIn advance of the Company’s ICR Conference participation, select third quarter-to-date fiscal 2021 results through January 8, 2021 (“QTD”) are noted as follows.\n\nQTD results noted herein are generally in-line with the information previously disclosed during the Company’s second quarter earnings call. QTD same-store fuel gallons are down in the low to mid-teens when compared to the same period in the third quarter of fiscal 2020. QTD fuel margins remain higher than historical averages and are currently above 30 cents per gallon.\n\nInside same-store sales (defined as the combination of Grocery and Other Merchandise and Prepared Food and Fountain) QTD are positive, with low single digit growth compared to the same period in the third quarter of fiscal 2020. Grocery and Other Merchandise same-store sales QTD are up mid-single digits, partially offset by pressure in Prepared Food and Fountain same-store sales QTD, which are down mid-single digits.\n\nThe Company continues to experience incremental costs due to COVID-19, including additional cleaning costs, higher than usual sick and quarantine pay, as well as incremental team member appreciation pay. As a result, QTD operating expenses vs. the prior year are up slightly more than the percentage increase experienced in the second quarter of fiscal 2021.\n\nIn connection with the previously disclosed pending Buchanan Energy acquisition, Casey’s and Buchanan Energy received a Request for Additional Information from the Federal Trade Commission (“FTC”). The effect of the request is to extend the anticipated closing date, initially expected to occur in late 2020. Casey’s continues to cooperate with the FTC and does not expect its review to have a material impact on the acquisition.\n\nAbout Casey’s General Stores\n\nCasey's General Stores is a Fortune 500 company (Nasdaq: CASY) operating over 2,200 convenience stores in 16 states. Founded more than 50 years ago, ...