Ankeny, Iowa — The Ankeny-based Casey’s convenience store chain is upping its projection for expansion in this fiscal year.
Casey’s Vice President for Investor Relations Brian Johnson talked about the change in a conference call on their first quarter results.
The increase comes as Casey’s moves toward completing the acquisition of a group of 148 stores in Texas and 50 in Alabama, Florida, and Mississippi. The large-scale acquisition of those stores from the FIKES Wholesale company pushed them ahead of their timeline for expansion. Casey’s CEO Darin Rebelez says he’s not sure if they would buy another large group because of the cost.
Rebelez says the acquisition team will be looking at options for smaller groups of stores.
He says they will check out opportunities for growth as they become available.
Casey’s will have 29 hundred stores once the FIKES acquisition is completed by the end of the year. The company reported an increase in net income compared to the same quarter last year with an increase in same-store sales and a more than 31 percent increase in gross fuel profit.
