Couche-Tard posts profit increase in first report since CST Brands acquisition

Company working to get Texas locations back in business following devastating hurricane

The CEO of Alimentation Couche-Tard says its Texas team is "working tirelessly" to get its convenience stores and fuel stations back to full capacity as it continues to integrate CST Brands into its North American retail network.

Since the acquisition of San Antonio-based CST Brands, including its 666 stores in Texas, Couche-Tard has been grappling with the impact of storm-related flooding that began nearly two weeks ago when hurricane Harvey made landfall.

Chief executive Brian Hannasch says the Quebec-based company is helping employees affected by the storm and expressed confidence that the acquisition of CST strengthens Couche-Tard's position as a fuel retailer and wholesaler.

His comments came as Couche-Tard, which reports in U.S. dollars, announced it had $364.7 million net earnings in the first quarter of its 2018 financial year.

After adjustments to exclude numerous items including the impact of the acquisition of CST and the sale of some of its assets, Couche-Tard says it earned about $380.1 million.

The adjusted earnings were up 17.5% from the same time last year and total revenue including acquisitions was up 16.9% at $9.85 billion as of July 23, about a month before devastating flooding began sweeping the U.S. Gulf states.

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