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Casey’s reports another strong quarter

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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.

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