(Laval) Alimentation Couche-Tard says its net profit fell by nearly a third in the fourth quarter as consumers, squeezed by inflation, watch their spending.
The retailer reported after market close on Tuesday that its net profit attributable to shareholders totaled US453 million for the quarter ended April 28, down from US670.7 million in the same quarter of the year. last.
Net income per diluted share was 47 US cents, compared with 68 US cents a year earlier.
The Laval-based company said the drop in profits is partly explained by the decline in gross margins on fuel, one fewer week for the quarter compared to last year, as well as related expenses and depreciation. investments and acquisitions.
Same-store sales declined 0.5% in the U.S., 2% in Europe and 3.4% in Canada due to lower discretionary spending.
Chairman and CEO Brian Hannasch said in a statement that there is no doubt this quarter has been difficult, but he remains very optimistic about the business even with the drop in same-store sales.
To adapt, Hannasch said the company has worked to expand its loyalty program, launch summer drink promotions and improve employee training.
According to results presented Tuesday, total sales were US17.6 billion, up about 8% from US16.3 billion a year earlier.
