LAVAL, Que. — Alimentation Couche-Tard Inc. says net earnings slipped in its first quarter of fiscal 2025 as consumers continue to watch their spending.
The convenience store giant says it had net earnings attributable to shareholders of US$790.80 million in the quarter, down from US$834.1 million in the same quarter last year.
Earnings worked out to 83 cents a share, down from 85 cents a share last year, while analysts had expected earnings of 84 cents, according to LSEG Data & Analytics.
The company says revenues totalled $18.3 billion, up from US$15.6 billion last year, boosted largely by its European operations after buying retail assets from French oil giant TotalEnergies SE.
Chief executive Brian Hannasch says that as weakness in consumer behaviour persists, the company is focused on its long-term strategy.
He says the fragmented U.S. market offers consolidation opportunities, as seen by its recently announced acquisition of GetGo Café + Market, while the company has also recently courted Japan-based 7-Eleven owner Seven & i Holdings Co. Ltd.
This report by The Canadian Press was first published Sept. 4, 2024.
Companies in this story: (TSX:ATD)
The Canadian Press