Couche-Tard Holds Steady in Q3

The retailer reported total merchandise revenues were up 5.0%.

March 19, 2025

Alimentation Couche-Tard Inc. (ACT) announced results for its third quarter ended February 2, 2025. Net earnings were $641.4 million, up from $623.4 million for the third quarter of fiscal 2024, according to the report. Adjusted net earnings (approximately $641.0 million compared with $625.0 in Q3 2024) increased 2.6%.

"We are pleased to report positive improvements in the business this quarter. While consumers continue to be cautious in their spending, we are seeing encouraging signs of resilience. Same-store sales were positive in both Canada and Europe compared to the same quarter last year, and we had sequential improvement in the United States, impacted by historic winter storms in our southern business units. Food continued to grow in the United States as our meal deal promotions performed well and have been extended to Canada. In our fuel business, we are maintaining market share in the United States and margins aligned with recent quarters,” said Alex Miller, president and chief executive officer.

ACT acquired 38 company-operated stores in Q3, including 20 Hutch’s stores in Oklahoma and Kansas in the United States, as well as 15 stores located in the Netherlands, reaching a total of 40 company-operated stores acquired through various transactions since the beginning of fiscal 2025. The transactions were settled using available cash.

The retailer also completed the construction of 31 stores and the relocation or reconstruction of eight stores, totaling 69 stores since the beginning of fiscal 2025. As of February 2, 2025, another 56 stores were under construction and should open in the upcoming quarters.

ACT reported total merchandise and service revenues of $5.3 billion, an increase of 5.0%. Same-store merchandise revenues decreased by 0.1% in the United States, while it increased by 0.2% in Europe and other regions, and by 2.8% in Canada.

Merchandise and service gross margin increased by 0.9% in the United States to 34.0%, decreased by 0.2% in Europe and other regions to 39.0%, and decreased by 1.8% in Canada to 32.4%.

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