Couche-Tard grows profits to US$757 million

Alimentation Couche-Tard Inc.'s profits increased from last year in the three months ending Oct. 11, as shoppers consolidated shopping trips to convenience stores amid the COVID-19 pandemic.

The Circle K parent company says it earned US$757 million, or 68 cents US per diluted share, compared with US$578.6 million, or 51 cents US per diluted share, in the same period last year.

The Laval, Que.-based brand says revenues were US$10.66 billion during the quarter, down from US$13.68 billion during the same quarter last year.

Analysts surveyed by Refinitiv expected net income of US$559 million, or 50 cents US per share, on sales of US$11.17 billion.

The company says its same-store merchandise sales grew 4.4% in the U.S., 8.6% in Europe and 11.4% in Canada.

Couche-Tard's quarterly report says traffic was soft during the quarter as many people worked from home, but it sold more fuel this summer than in the spring in Europe, thanks to sunny weather.