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LAVAL, Que. – Alimentation Couche-Tard Inc. said its net profit rose to $872.4 million in the first quarter of its 2023 fiscal year, a 14 percent increase from the previous year’s quarter.
The convenience store operator, known under the Couche-Tard and Circle K brands, said profits were 85 cents per diluted share, compared with 71 cents per diluted share in the first quarter of fiscal 2022.
The company reported total revenue for the quarter of $18.7 billion, a year-over-year increase of $5.1 billion, or 37.4 percent.
This was due to increased revenue for higher fuel sales costs, as well as merchandise and service revenue growth and the impact of the acquisition.
The retailer said its revenue growth was partially offset by lower fuel demand, which it said was a result of higher retail fuel prices, the trend of working from home and the impact of its fuel rebranding project.
On an adjusted basis, Alimentation Couche-Tard reported revenue of $875 million for the quarter, compared with $758 million in adjusted net income in the previous year’s quarter.
This Canadian Press report was first published on August 30, 2022.
Company in this story: (TSX:ATD)
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