Casey's Ends Fiscal Year With Strong Q4
Casey’s General Stores closed out its fiscal year with a strong fourth quarter with inside sales up 5.6% year-over-year.
Total inside sales in the quarter were $1.26 billion, up from sales of $1.12 billion in the comparable quarter the previous year. Grocery and general merchandise same-store sales were up 4.3% and prepared food and dispensed beverage same-store sales were up 8.8% in the quarter. Fuel same-store gallons were up 0.9% compared to the prior year with a fuel margin of 36.5 cents per gallon.
Full-year inside sales were $5.2 billion, an increase of 5.6% from the previous fiscal year. Grocery and general merchandise same-store sales were up 3.5% and prepared food and dispensed beverage same-store sales were up 6.8% in the quarter. Fuel same-store gallons were up 0.1% compared to the prior year with a fuel margin of 36.5 cents per gallon.
“Casey's started its three-year strategic plan with a record fiscal year, exceeding $1 billion in EBITDA for the first time in the company's history," said Darren Rebelez, president and CEO. “Strong sales growth was accomplished while improving inside margin. Our fuel team achieved market share gains while striking the right balance between fuel gallon growth and gross profit margin throughout the year to drive fuel gross profit up 3.9% from the prior year. The operations team did a tremendous job driving sales growth, while integrating new stores and reducing same-store labor hours for the eighth consecutive quarter.”
During the year, Casey's Rewards members grew to 7.9 million by year-end. The company built or acquired 154 stores in the fiscal year, ending at 2,658 stores, and entered Texas, its 17th state. Additionally, the company recorded strong prepared food and dispensed beverage growth driven by innovation including thin-crust pizza and a refreshed lunch sandwich menu.
For fiscal year 2025, the company expects inside same-store sales to increase 3% to 5% and inside margin comparable to fiscal 2024. Casey’s expects to add at least 100 stores in fiscal 2025 through a mix of M&A and new store construction.