Couche-Tard Confident Despite COVID Impact On Third Quarter Revenues
Alimentation Couche-Tard, which operates the Circle K forecourt business, has reported what it described as a 'solid' third quarter, despite the COVID-19 pandemic, with the business seeing its revenues drop by 20.8%, largely due to lower fuel demand.
The group reported revenue of $13.2 billion (€11.05 billion) for the third quarter, which was down $3.4 billion on the same period the previous year. For the first three quarters of its 2021 financial year, revenues were down $10.9 billion (€9.12 billion), or 24.6% compared to fiscal 2020.
Nonetheless, the business posted encouraging like-for-likes across its store operations, reporting same store sales growth of 2.9% in the U.S., 4.7% in Canada, and 2.8% in Europe and other regions "as our customers continued to visit our convenient locations for their everyday needs," commented chief executive Brian Hannasch.
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