(KIWA Staff Photo)Ankeny, Iowa (RI) — The Ankeny-based Casey’s convenience store chain reported net income for the first quarter was up a little more than 27 percent compared to last year at almost 274 million dollars. (Casey’s fiscal year starts in May, with their first quarter wrapping up at the end of July.)
Same-store inside sales were up three-point-two percent, while gallons of gas sold were down three-tenths of a percent. CEO Darren Rebelez says the margin on a gallon of gas was nearly 48 cents and gross profits on gas sales were up 19-point-six percent in the quarter as consumers reacted to increased gas prices.
Total fuel gallons sold for the quarter increased two-point-five percent compared to last year due to an increase in the number of stores, slightly offset by a modest decrease in same-store gallons sold. He says customers are making some different choices at the pump.
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Casey’s says the volatility in gas prices due to international events saw the gas margin vary during the quarter from 30 to 60 cents.
