For the first quarter of fiscal 2020, Alimentation Couche-Tard Inc. has reported net earnings of $538.8 million.
That’s up significantly from the $455.6 million reported for the same quarter in fiscal 2019.
Total merchandise and service revenues were $3.6 billion, an increase of 1.6 per cent. Merchandise and service gross margin decreased by 1.6 per cent in Canada to 32.9 per cent, increased by 0.5 per cent in the U.S. to 34 per cent, and decreased 0.9 per cent to 41.5 per cent.
Same store revenues increased by 0.3 per cent in Canada, 2.5 per cent in the U.S., and 0.7 per cent in Europe.
The Circle K rebranding continues to make progress, with the Circle K rollout in Europe completed during the quarter, while it continues in North America. More than 5800 stores now display the Circle K global brand.
Just following the end of the quarter, Couche-Tard announced the closing of its investment of approximately $26 million in Alberta-based independent cannabis retailer Fire & Flower.
"We had steady growth in our convenience segment this quarter even as we cycled against an exceptional first quarter last year. While all our regions saw increases in same-store sales, I am especially proud of the innovations taking place in our network to improve our offer and the customer journey," said president and CEO Brian Hannasch.