Casey’s Issues Business Update Ahead of the ICR Conference
January 12 2021 - 5:30PM
Business Wire
Casey’s General Stores, Inc. (“Casey’s” or the “Company”)
(Nasdaq: CASY), one of the leading convenience store chains in the
United States, announced it will be participating virtually at the
ICR Conference on Wednesday, January 13, 2021, at 1:30pm central
time. A live webcast of the event will be available through the
Company’s website on the Investor Relations page at
investor.caseys.com.
In advance of the Company’s ICR Conference participation, select
third quarter-to-date fiscal 2021 results through January 8, 2021
(“QTD”) are noted as follows.
QTD results noted herein are generally in-line with the
information previously disclosed during the Company’s second
quarter earnings call. QTD same-store fuel gallons are down in the
low to mid-teens when compared to the same period in the third
quarter of fiscal 2020. QTD fuel margins remain higher than
historical averages and are currently above 30 cents per
gallon.
Inside same-store sales (defined as the combination of Grocery
and Other Merchandise and Prepared Food and Fountain) QTD are
positive, with low single digit growth compared to the same period
in the third quarter of fiscal 2020. Grocery and Other Merchandise
same-store sales QTD are up mid-single digits, partially offset by
pressure in Prepared Food and Fountain same-store sales QTD, which
are down mid-single digits.
The Company continues to experience incremental costs due to
COVID-19, including additional cleaning costs, higher than usual
sick and quarantine pay, as well as incremental team member
appreciation pay. As a result, QTD operating expenses vs. the prior
year are up slightly more than the percentage increase experienced
in the second quarter of fiscal 2021.
In connection with the previously disclosed pending Buchanan
Energy acquisition, Casey’s and Buchanan Energy received a Request
for Additional Information from the Federal Trade Commission
(“FTC”). The effect of the request is to extend the anticipated
closing date, initially expected to occur in late 2020. Casey’s
continues to cooperate with the FTC and does not expect its review
to have a material impact on the acquisition.
About Casey’s General Stores
Casey's General Stores is a Fortune 500 company (Nasdaq: CASY)
operating over 2,200 convenience stores in 16 states. Founded more
than 50 years ago, the company has grown to become the
fourth-largest convenience store retailer and the fifth-largest
pizza chain in the United States. Casey’s provides freshly prepared
foods, quality fuel, and friendly service at every location. Guests
can enjoy famous, made-from-scratch pizza, donuts, other assorted
bakery items, and a wide selection of beverages and snacks. Learn
more and order online at www.caseys.com, or in the mobile app.
About Buchanan Energy and Bucky’s Convenience Stores
Buchanan Energy and Bucky’s Convenience Stores were founded as a
family-owned and operated business in 1980. Today, they operate
convenience stores in Illinois, Iowa, Missouri, Nebraska and Texas.
Learn more at www.buckysexpress.com.
Forward-looking Statements
This release contains statements that may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include any statements, with respect to the Company and
the acquisition (including the status and timing of the closing of
the acquisition), relating to our expectations for future periods,
possible or assumed future results of operations, financial
conditions, liquidity and related sources or needs, business and/or
integration strategies, plans and synergies, supply chain, growth
opportunities, performance at our stores, and the potential effect
of COVID-19.
There are a number of known and unknown risks, uncertainties,
and other factors that may cause our actual results to differ
materially from any future results expressed or implied by those
forward-looking statements, including but not limited to
integration of the acquisition, executing our strategic plan, the
impact and duration of COVID-19 and related governmental actions,
as well as other risks, uncertainties and factors which are
described in the Company’s most recent annual report on Form 10-K
and quarterly reports on Form 10-Q, as filed with the Securities
and Exchange Commission and available on our website.
Any forward-looking statements contained in this release
represent our current views as of the date of this release with
respect to future events, and Casey’s disclaims any intention or
obligation to update or revise any forward-looking statements in
the presentation whether as a result of new information, future
events, or otherwise.
Corporate information is available at this website:
https://www.caseys.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20210112006117/en/
Investor Relations Contact: Brian Johnson (515) 965-6587
Brian.johnson@caseys.com
Media Relations Contact: Katie Petru (515) 446-6772
Katie.petru@caseys.com
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