Casey's General Stores (NASDAQ:CASY) reports same-store sales were up 3.2% in Q2 for the grocery business during the quarter with average margin of 31.3%. The company says average margin was adversely impacted by a $6.6M out-of-period inventory adjustment, which, if excluded, would have resulted in average margin of 32.3%.
Same-store fuel gallons were down 2.0% vs. -1.4% anticipated.
Same-store prepared food and fountain sales were up 1.6% vs. +2.9% consensus.
Gross margin was 21.5% of sales vs. 21.7% consensus.
CEO update: "Quarterly results were positively impacted by our fuel price optimization initiative, store growth, and a continued focus on controlling operating expenses... As we look ahead, we remain optimistic our long-term strategy, including the value creation plan initiatives, will generate additional shareholder value."
CASY +2.12% AH.
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