Canadian convenience store operator Alimentation Couche-Tard (ATD) has reported that its net earnings, or profit, for its fiscal first quarter declined 4% to $834.1 million U.S.
The fiscal Q1 profit was down from $872.4 million U.S. a year earlier. Earnings per share (EPS) equated to $0.85 U.S., unchanged from a year ago.
The Laval, Quebec-based company reported that its revenues in the quarter totaled $15.6 billion U.S., down 16% from a year ago due largely to lower gasoline prices.
In its earnings release, Couche-Tard reiterated that its acquisition of more than 2,000 gas stations from French oil company TotalEnergies (TTE) is expected to close by year’s end.
Couche-Tard’s stock has risen 22% over the last year and currently trades at $71.56 per share.