Couche-Tard sees earnings rise on gas sales in Q2

Canadian convenience store giant Alimentation Couche-Tard reported earnings for the second quarter ended Oct. 9 were up 16.6%.

Net earnings for the quarter were $810.4 million, or 79 cents per diluted share, up from $694.8 million or 65 cents per diluted share a year earlier.

The Quebec-based company said its total revenues were $16.9 billion, up 19.7% from last year.

This was largely due to a 24.3% increase in road transportation fuel revenues as gas prices rose, while merchandise and service revenues were up 2.3%.

Same-store merchandise revenues were up in the U.S., Europe and other regions, but were down in Canada, the company said.

Couche-Tard president and CEO Brian Hannasch said the company had piloted its new loyalty program in the U.S. and a new tiered concept in Europe, and is preparing for expansions on those pilots in the upcoming quarters.