Some of the best-performing stocks are often hiding under the radar. That definitely includes the $10 billion convenience store chain Casey’s General Stores, which soared to new all-time highs after reporting first-quarter results. 📈
The company reported earnings last night, and investors continued to bid it up today. Earnings per share of $4.52 topped estimates by $1.19, while revenues of $3.87 billion missed slightly.
Inside same-store sales jumped 5.4% YoY, with an inside margin of 40.6% and gross profit rising 10.3% YoY to $556.4 million. Meanwhile, same-store fuel gallons were up 0.4% YoY, with a fuel margin of 41.6 cents per gallon, and total fuel gross profits declining by 3.6% YoY to $297 million. 🔺
Like other retailers, executives said the consumer remains fairly resilient. While there’s more pressure on lower-income consumers, they’re still spending, simply choosing more affordable options.
As a result, they’re continuing to build on their success by adding at least 150 stores in the fiscal year ending 2024. That’s up from prior guidance of 110 stores and did not raise its net interest expense guidance. 🏪
Despite a lackluster score from famed “One-Bite” pizza reviewer Dave Portnoy, Casey’s pizza continues to drive inside-store growth. 🍕
Many people don’t know that its more than 2,500 locations make it the fifth largest pizza chain in the U.S., so clearly, many people like Casey’s pizza. And the company’s account made sure to remind Dave of that. 😆
While we had fun getting that little exchange started on social media, $CASY investors enjoyed shares rising 11% to their highest level ever. Its total return is now approaching 30,000% since coming public in the 1980s. We’ll see if its hot streak can continue! 🤩
