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Casey’s General Stores GAAP EPS of $3.67 beats by $0.47, revenue of $3.98B misses by $50M

  • Casey’s General Stores press release (NASDAQ:CASY): Q2 GAAP EPS of $3.67 beats by $0.47.
  • Revenue of $3.98B (+21.9% Y/Y) misses by $50M.
  • Inside same-store sales increased 7.9% compared to prior year, and 14.4% on a two-year stack basis, with an inside margin of 39.8%. Total inside gross profit increased 8.9% to $504.5 million compared to the prior year.
  • Same-store fuel gallons were up 0.3% compared to prior year with a fuel margin of 40.5 cents per gallon. Total fuel gross profit increased 22.7% to $284.4 million compared to the prior year.
  • Same-store operating expense excluding credit card fees were up 1.3%, favorably impacted by a 3% reduction in same-store labor hours.
  • 2023 Outlook: The Company now expects same-store inside sales to be approximately 5% to 7%. Total operating expense increase is expected to be near the low end of the annual range which was approximately 9% to 10%. The tax rate is now expected to be between approximately 24% and 25% for the year.
  • Shares +2.18% AH.