- Casey's General Stores Inc reports a significant 13.2% YoY decline in first-quarter FY24 sales to $3.87 billion, failing to meet the analyst consensus of $3.89 billion.
- The company, however, experiences an increase in same-store sales by 5.4% and a rise in gross profit by 10.3% YoY to $556.4 million.
In a surprising turn of events, Casey's General Stores Inc (NASDAQ: CASY) reported a notable 13.2 % year-on-year (YoY) decline in first-quarter FY24 sales, pegging the figure at $3.87 billion. This figure missed the projected analyst consensus mark of $3.89 billion, thereby marking a downturn in the company's sales performance.
However, the unusual aspect of Casey's performance wasn't merely the sales decline — it was the concurrent rise in gross profits. Despite the underwhelming sales, Casey's reported a significant surge in same-store sales by 5.4% and an increase in gross profit by 10.3% YoY, bringing it to a robust $556.4 million. This remarkable paradox of diminishing sales but augmenting gross profits sends mixed signals into the competitive convenience store market.
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