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06/09/2022

Casey's Private Label, Pizza Fuel Q4 2022 Sales

The convenience chain saw same-store sales increase in Q4, and plans to increase its store count in the next fiscal year.
Zachary Russell
Associate Editor
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Convenience chain Casey’s General Store, which offers an array of private label and prepared food options, has shared its Q4 2022 financial results. For the quarter ended April 30, the chain saw same-store sales increase, along with same-store fuel gallons sold at its gas stations.

“Casey's delivered another record fiscal year to its shareholders with inside sales up 6.6%," said Darren Rebelez, President and CEO. “Inside same-store sales were driven by strong prepared food and dispensed beverages, most notably pizza slices and our new breakfast offering. Private label's tremendous progress resulted in exiting the quarter at 5% sales penetration of the grocery and general merchandise category. Despite all-time high fuel costs and challenging macro-economic conditions, fuel volume and margins remained strong. We had the most acquisitive year in our company's history, finishing the year with 2,452 stores. Thanks to the hard work and commitment of the Casey's team, we are well positioned to deliver on our long-term strategic plan commitments in fiscal 2023.”

In Q4 2022, inside same-store sales were up 5.2% with an inside margin of 39.4%. Inside sales driven by strong sales in pizza slices and breakfast sandwiches, along with non-alcoholic and alcoholic beverages.

Fuel same-store gallons sold up 1.5% with a fuel margin of 36.2 cents per gallon. Casey's increased the quarterly dividend 9% to $0.38 per share, marking the 23rd consecutive annual increase.

Casey’s added in its financial statement that it expects to add approximately 80 stores in fiscal 2023, and expects to exceed our stated three-year commitment of 345 units. The company said it expects same-store inside sales to increase 4% to 6% and maintain an inside margin of approximately 40% in fiscal 2023.