Casey’s reports another strong quarter
Fuel sales and gains in customer purchases of pizzas and other prepared food and fountain items led Casey’s General Stores Inc. to what the company said was a record first fiscal quarter. Ankeny-based Casey’s reported earnings of $1.70 per share for the quarter that ended July 31, up from $1.57 per share the same period last year, according to a release. Fuel sales increased 3.1 percent, with an average margin of 19.5 cents per gallon. The company’s annual goal for fiscal 2017 is to increase same-store gallons sold by 2 percent with an average margin of 18.4 cents per gallon. Casey’s also sold 17.9 million renewable fuel credits for $14.7 million during the quarter. Same-store prepared food and fountain items increased 5.1 percent with an average margin of 62.8 percent, with a decline in commodity costs accounting for much of the increase in the first-quarter margin, according to the release. Total prepared food and fountain sales were up 9.1 percent to $243.7 million at a profit of $153 million, a 9.6 percent increase. Same-store sales of groceries and other merchandise were slightly below targets.