Executives at the Ankeny-based convenience store chain Casey’s are calling the company’s first quarter results a good start to fiscal 2016.
Casey’s is reporting record first quarter earnings of $1.57 per share, compared with $1.28 during the same period a year ago.
Company officials say sales were helped by low fuel prices and a higher demand for cigarettes.
Chief Financial Officer Bill Walljasper says Casey’s is continuing to expand.
“This quarter we opened eight new-store constructions, acquired one store and completed seven replacement stores," he says. "Additionally, we have 25 new stores and four replacement stores under construction. We anticipate opening 40-50 new-store constructions by the end of the fiscal year.”
Walljasper says the growth is there despite the acquisition market in the Midwest retreating.
“There’s just not a lot of incentive from some of these smaller operators to be selling their business when they’re seeing a little bit higher cash flow than what they’ve been seeing, he says. "So, we will be patient on that. I think that will turn around and we’ll be there to make any opportunistic purchases.”
The chain already operates more than 1,850 stores in 14 states.