Canadian retail company Alimentation Couche-Tard has announced that its net earnings increased to $435.3 million in the second quarter of its 2018 fiscal year.
The group, which operates the Circle K convenience store chain, posted a 23.4% increase in total merchandise and services revenue to $3.1 billion.
Same-store sales were up by 0.7% in the US and 1.6% in Europe, however, declined by 1.6% in the company's home market of Canada.
According to the company, performance was negatively impacted by recent hurricane activity in the US, but was boosted by the group's recent merger with fuel and convenience retailer CST Brands.
"In terms of our overall performance this quarter, the positive contribution form our newly acquired CST network is particularly notable, and added to the strong increase of nearly 38% in our adjusted net earnings per share," said Brian Hannasch, president and CEO of Alimentation Couche-Tard.
"This is even more remarkable in light of the challenges faced by some of our network due to Hurricanes Harvey and Irma, and the continued softness in the industry in general."
Couche-Tard's network consists of 9,465 convenience stores throughout North America, including 8,135 stores with fuel dispensing.
In Europe, the company operates 2,750 stores across Scandinavia, Ireland, Poland, the Baltics and Russia. An additional 1,800 stores are operated under the Circle K banner in 14 other countries and territories worldwide, bringing the group's total network to over 15,200 stores.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Sarah Harford. Click subscribe to sign up to ESM: The European Supermarket Magazine.