- WHITE PAPERS
Casey's General Stores Inc. today reported its first quarter fiscal 2013 results, including diluted earnings per share of $1.01, compared to $1.03 for the same quarter a year ago.
Notably during the quarter, Casey's added pizza delivery to 50 of its locations, and converted 26 stores to 24-hour operations, according to president and CEO Robert J. Myers.
"Fiscal 2013 is going to be an exciting year for Casey's as we continue to roll out these operational initiatives," he said.
The goal for fiscal 2013 is to increase same-store grocery/prepared food sales, including pizza, 11 percent.
"Prepared food sales continue to benefit from the operational initiatives mentioned above and should improve throughout the year as we add those initiatives to more stores," Myers said. "The margin benefited from reduced commodity costs, especially cheese and coffee."
Total sales for the category were up 15.2 percent to $142.7 million, and gross profit increased more than 19.4 percent to $90.6 million.
The addition of 24-hour stores and delivery, however, affected operational costs. Wages were up 12 percent year-over-year because of these initiatives.
The company's annual goal is to increase the number of stores 4 to 6 percent. There are currently 8 new stores under construction and 27 stores under written agreement to purchase. There are currently about 1,700 stores in 11 states.
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