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Jul 31, 2022
Casey's Q1 2023 Earnings Report
Casey's reported a strong first quarter with increased inside sales and robust fuel margin.
Key Takeaways
Casey's announced strong first quarter results with diluted EPS up 28% from the same period a year ago. The company saw increases in inside same-store sales and total fuel gross profit, driven by prepared food and dispensed beverages, as well as a favorable fuel margin environment.
Diluted EPS increased by 28% year-over-year, reaching $4.09.
Inside same-store sales grew by 6.3% compared to the previous year, with a margin of 39.8%.
Fuel gallons decreased 2.3% on a same-store basis, but fuel margin was 44.7 cents per gallon.
Total fuel gross profit increased by 31.4% compared to the prior year, reaching $308.2 million.
Revenue by Segment
Forward Guidance
The Company's fiscal 2023 outlook previously disclosed remains unchanged. The Company expects same-store inside sales to increase 4% to 6% and maintain an inside margin of approximately 40%. The Company expects same-store fuel gallons to be flat to 2% higher. Total operating expenses are expected to increase approximately 9% to 10%. The Company expects to add approximately 80 stores in fiscal 2023, and expects to exceed our stated three year commitment of 345 units. Interest expense is expected to be approximately $55 million. Depreciation and amortization is expected to be approximately $320 million and the purchase of property plant and equipment is expected to be approximately $450 to $500 million, including approximately $135 million in one-time store remodel costs for recently acquired stores. The tax rate is expected to be approximately 24% to 26% for the year.
Positive Outlook
- Expects same-store inside sales to increase 4% to 6%
- Maintain an inside margin of approximately 40%
- Expects same-store fuel gallons to be flat to 2% higher
- Expects to add approximately 80 stores in fiscal 2023
- Expects to exceed stated three year commitment of 345 units
Challenges Ahead
- Total operating expenses are expected to increase approximately 9% to 10%
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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