Alimentation Couche-Tard reports lower revenues, profits in first quarter

LAVAL, Que. — Alimentation Couche-Tard Inc. says its net earnings for the first quarter of its financial year were US$834.1 million, down from US$872.4 million a year earlier.

The Laval, Que.-based convenience store giant, which reports in U.S. dollars, says revenues were US$15.6 billion, down 16.3 per cent from a year ago due in part to lower fuel prices.

Total merchandise and service revenues for the 12-week period ended July 23 were US$4.3 billion, up five per cent from a year earlier.

Earnings per diluted share were 85 cents, unchanged from a year ago.

Couche-Tard president and CEO Brian Hannasch says Canadian operations led the way with strong performances in both convenience and fuel.

The company says its acquisition of more than 2,000 service stations from French oil giant TotalEnergies SE is expected to close before the end of 2023.

This report by The Canadian Press was first published Sept. 6, 2023.

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The Canadian Press