(Laval) Alimentation Couche-Tard reports net income of US$737.4 million in its third quarter, which ended January 29, down 1.2% from the same period last year .
The Laval company indicates that its earnings are equivalent to $0.73 per share on a diluted basis, up from $0.70 per share on a diluted basis for the same period a year earlier.
Total revenue for the quarter was $20 billion, up 8% from a year ago, with revenue of $2.5 billion in Canada.
Alimentation Couche-Tard says the conversion of foreign currencies into US dollars had a net negative impact of approximately $28 million on its net income.
Company President and CEO Brian Hannasch noted that all markets around the world, particularly those in Europe, continue to face elevated inflationary conditions, but customers are showing resilience.
Mr. Hannasch added that healthy fuel margins are helping to offset the continued decline in volumes caused by work-from-home trends and rising prices.
“We are excited about the progress we have made in expanding our network both in the number of stores and the mobility services offered to our customers,” he said in a statement.
Couche-Tard announced that it has completed the previously announced acquisition of True Blue Car Wash LLC, which operates 65 express car wash locations in the United States.
The company also announced plans to acquire 45 Big Red stores in Arkansas.
And recently, Couche-Tard and Harnois Énergies announced a deal that will see Couche-Tard buy Atlantic Canada gas station chain Wilsons. Harnois will acquire certain sites of the chain in order to fulfill a condition set by the Competition Bureau.