Casey’s General Stores reported results for the three months ending July 31 earlier this week.

"Casey's started the fiscal year off on the right foot and delivered another solid quarter highlighted by strong inside gross profit growth,” said Darren Rebelez, chairman, president and CEO.

The company reported a 2.3% year-over-year inside sales increase and inside gross profit was up 10.4% compared to the prior year to $614.3 million.

“Inside same-store sales were driven by prepared food and dispensed beverage, with hot sandwiches and bakery performing exceptionally well,” continued Rebelez. “Our fuel team continues to balance volume and margin as they delivered positive same-store fuel gallons while also achieving over 40 cents per gallon fuel margin. The operations team continues to find efficiencies as we reduced same-store labor hours for the ninth consecutive quarter. Finally, we continue to work on closing the highly strategic Fikes [CEFCO] acquisition and look forward to welcoming their team to the Casey’s family."

According to Casey’s, same-store fuel gallons were up 0.7% compared to the prior year with a fuel margin of 40.7 cents per gallon. Total fuel gross profit increased 5.9% to $314.5 million compared to the prior year.

Same-store operating expenses, excluding credit card fees, were up 0.7%, favorably impacted by a 2% reduction in same-store labor hours.

In July, Casey’s agreed to purchase Fikes Wholesale, owner of 198 CEFCO Convenience Stores. The all-cash transaction totaled $1.145 billion. According to Casey’s, the acquisition is expected to close in calendar year 2024.

“The company is not updating its previously communicated fiscal 2025 outlook until after the closing of the Fikes transaction, with the exception of store growth, which is now expected to be approximately 270 units in fiscal 2025,” Casey’s said.

Casey’s also completed ten new store sites this quarter. The retailer's store count as of April 30, 2024, was 2,658.