Casey’s General Stores Inc. announced yesterday the financial results for the three and nine months ended January 31, 2025.

For its Q3, “net income and diluted EPS were approximately flat while EBITDA was up compared to the same period a year ago. EBITDA was up primarily due to higher inside and fuel gross profit, partially offset by higher operating expenses from operating 254 additional stores, as well as one-time Fikes deal and integration costs of approximately $13 million,” reported Casey’s.

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According to the report, inside same-store sales increased 3.7% compared to the prior year’s Q3, and 8.0% on a two-year stack basis, with an inside margin of 40.9%. Total inside gross profit increased 14.3% to $573.1 million compared to the prior year.

"Casey’s delivered an excellent third quarter highlighted by strong sales growth both inside and outside the store,” said Darren Rebelez, chairman, president and CEO. “Inside same-store sales were driven by the prepared food and dispensed beverage category, with hot sandwiches and bakery performing quite well. Our fuel team did a tremendous job achieving same-store gallon growth of 1.8% while maintaining a solid fuel margin. Total fuel gallons sold were up 20.4% while total inside sales rose 15.3% primarily due to unit growth, including the Fikes acquisition. The operations team’s focus on serving our guests efficiently is paying off, as we reduced same-store labor hours for the eleventh consecutive quarter."

Casey’s reported that operating expenses increased approximately 18% during the third quarter. Operating 254 more stores than prior year accounted for approximately 14% of the increase. Same-store employee expense contributed to approximately 1% of the increase, as the increases in labor rates were partially offset by a reduction in same-store labor hours.

Casey’s closed on its acquisition of Fikes Wholesale, owner of CEFCO Convenience Stores, on November 1, 2024.

Casey’s said that the acquisition brought 148 additional stores to Texas, which it said is “a highly strategic market” for Casey’s, as well as 50 stores in the southern states of Alabama, Florida and Mississippi.

Read “The Path to Becoming a Pizza Pioneer” from NACS Magazine to discover how a Casey’s district manager’s pizza creation became an LTO.