Casey’s second-quarter profits climb
Strong sales of groceries and prepared foods helped to boost Casey’s General Stores Inc.’s fiscal 2008 second-quarter profits by 61 percent, the Associated Press reported
Casey’s earned $27.7 million, or 54 cents per share, in the three months ended Oct. 31, up 61 percent from $17.2 million, or 34 cents per share, in the same period a year earlier.
“We had exceptional performance inside our stores from grocery and other merchandise and prepared food and fountain,” said Robert J. Myers, president and CEO, in a statement.
Revenues rose 18 percent to $1.19 billion from $1.01 billion a year ago. The earnings exceeded the expectations of analysts, who had forecast a profit of 46 cents per share, on average, according to a poll by Thomson Financial.
Higher prices caused gasoline sales to drop 1.6 percent at stores open for at least a year. However, Casey’s total gasoline sales, including at new stores, rose 4 percent by gallon volume.
Casey’s stock shares rose 76 cents, or 2.7 percent, to $29.21 in after-hours electronic trading. The stock closed at 68 cents, or 2.5 percent, at $28.45 in the regular session.