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Casey's General Stores Inc. (CASY) filed Quarterly Report for the period ended 2011-10-31.
Casey's General Stores Inc. has a market cap of $1.9 billion; its shares were traded at around $50.02 with a P/E ratio of 17.7 and P/S ratio of 0.4. The dividend yield of Casey's General Stores Inc. stocks is 1.2%. Casey's General Stores Inc. had an annual average earning growth of 17.5% over the past 10 years. GuruFocus rated Casey's General Stores Inc. the business predictability rank of 3.5-star.
This is the annual revenues and earnings per share of CASY over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CASY.
Highlight of Business Operations:
Same store sales of grocery and other merchandise rose 5.8% from the comparable period in the prior year with an average margin of 32.5%. Prepared foods and fountain same store sales increased 14.2% from the comparable period in the prior year with an average margin of 59.5%. Operating expenses increased 12.1% in the second quarter of fiscal 2012 from the comparable period in the prior year. Without the expenses associated with the unsolicited offer by Couche-Tard in the prior year, operating expenses would have increased 18.4%, primarily due to 128 more stores in operation, a $5,207 increase in credit card fees, and higher transportation costs associated with higher fuel prices compared to the same period a year ago.Total gross profit margin was 14.7% for the second quarter of fiscal 2012, compared to 16.8% for the comparable period in the prior year. The gross profit margin on retail gasoline sales decreased (to 4.9%) during the second quarter of fiscal 2012 from the second quarter of the prior year (5.7%). However, the gross profit margin per gallon increased (to $.1668) in the second quarter of fiscal 2012 from the comparable period in the prior year ($.1492), primarily due to the competitive response of many gasoline retailers to the movement of wholesale costs. The gross profit margin on retail sales of grocery and other merchandise decreased (to 32.5%) from the comparable period in the prior year (32.9%), primarily due to a more competitive cigarette pricing environment and a shift to larger pack purchases in the beer category. The prepared food margin also decreased (to 59.5%) from the comparable period in the prior year (62.7%), primarily due to higher commodity costs.
Total revenue for the first six months of fiscal 2012 increased by $944,804 (34.8%) over the comparable period in fiscal 2011. Retail gasoline sales increased by $802,142 (43%) as the number of gallons sold increased by 43,794 (6.1%) while the average retail price per gallon increased 34.7%. During this same period, retail sales of grocery and general merchandise increased by $96,881 (15.5%), primarily due to a greater number of stores in operation and increases in sales of tobacco products, sports and energy drinks, and other beverages . Prepared food and fountain sales also increased by $43,116 (20.6%), due to a greater number of stores in operation, the addition of made-to-order sub sandwiches, and expanded coffee offerings.
retail gasoline sales decreased (to 4.8%) during the first six months of fiscal 2012 from the comparable period of the prior year (6%). However, the gross profit margin per gallon increased (to $.1693) in the first six months of fiscal 2012 from the comparable period in the prior year ($.1568), primarily due to the competitive response of many gasoline retailers to the movement of wholesale costs. The gross profit margin on retail sales of grocery and other merchandise decreased (to 32.5%) from the comparable period in the prior year (32.9%), primarily due to a more competitive cigarette pricing environment and a shift to larger pack purchases in the beer category. The prepared food margin also decreased (to 60.4%) from the comparable period in the prior year (63.2%), primarily due to higher commodity costs.
Operating expenses increased 12.3% in the first six months of fiscal 2012 from the comparable period in the prior year. The first six months of fiscal 2011 included a $14,314 pre-tax charge related to the evaluation of the unsolicited offer and related actions by Couche-Tard. Without these charges in the comparable period, operating expenses would have increased 17.8%, primarily due to a greater number of stores in operation, an $11,780 increase in credit card fees, and higher transportation costs associated with higher fuel prices. Operating expenses as a percentage of total revenue were 9.4% for the first six months of fiscal 2011 compared to 11.3% for the comparable period in the prior year. The decrease in operating expenses as a percentage of total revenue was caused primarily by the increase in revenues due to the increase in the average retail price per gallon of gasoline sold.
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