Couche-Tard profit and revenue soar in fourth quarter

Alimentation Couche-Tard is reporting a US$277.6-million net profit for its fourth quarter, as total revenue soared 30.1% over the same time last year.

The owner of a multinational group of convenience stores that includes the Circle K, Couche-Tard and Mac's brands, says total revenue for the 13-week quarter was US$9.6 billion -- up from US$7.4 billion a year earlier.

Its net profit, reported in U.S. currency, was up 36.1% from last year's fourth quarter, which had only 12 weeks.

After excluding the impact of foreign exchange and various expense items, the Quebec-based company earned 52 cents per share -- up 36.8% from last year.

Analysts had estimated $9.4 billion of revenue and 46 cents per share of adjusted earnings, according to data from Thomson Reuters.

Yesterday it was announced the company would be purchasing U.S. convenience store chain Holiday for an undisclosed amount.