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Jun 28, 2022

Alimentation Couche-Tard takes US$56.2M charge for impairment of Russian assets

Alimentation Couche-Tard Q4 profit impacted by higher costs

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Alimentation Couche-Tard Inc. says it took a US$56.2-million pre-tax charge for the impairment of its Russian subsidiaries.

The Quebec-based company said in April that it suspended operations of 38 stores in Russia following the country's invasion of Ukraine and took the charge after determining that it lost control over the investment in its wholly owned Russian subsidiaries.

The charge contributed to its net profit slipping in the fourth quarter and full-year despite a big boost in revenues prompted in part by higher fuel prices.

Couche-Tard, which reports in U.S. dollars, says its net income for the three months ended April 24 was US$477.7 million or 46 cents per share, down from US$563.9 million or 52 cents per share a year earlier.

Excluding one-time items, adjusted profits increased to US$573 million or 55 cents per share, from US$564 million or 52 cents per share in the fourth quarter of 2021.

Revenues increased 34 per cent to US$16.4 billion from US$12.2 billion.

"We are proud to report a remarkable year despite the continued pressures caused by the pandemic, global inflation, and staffing challenges," CEO Brian Hannasch said in a news release.

Couche-Tard was expected to report 53 cents per share in adjusted profits on US$15.5 billion of revenues, according to financial data firm Refinitiv.

For the full-year, it earned US$2.68 billion or US$2.52 per share on US$62.8 billion of revenues, up from US$2.71 billion or US$2.44 per share on US$45.8 billion of revenues in 2021.