Couche-Tard says slow fuel sales behind Q4 profit miss
LAVAL, Que. - Alimentation Couche-Tard Inc. missed expectations as its net income attributable to shareholders decreased 25 per cent to US$293.1 million in the fourth quarter of its fiscal year on a dip in revenues.
The Laval, Que.-based convenience store chain, which reports in U.S. dollars, says it earned 52 cents per share for the period ended April 28, down from 69 cents per share or $391 million a year earlier. The company received a net tax benefit of $69.7 million in the fourth-quarter of fiscal 2018 from U.S. tax cuts.
Adjusted profits of 52 cents per share compared with 59 cents per share in the fourth quarter of 2018.
Revenues fell 3.7 per cent to $13.1 billion from $13.6 billion.
The retailer was expected to earn 54 cents per diluted share in adjusted profits on $13.3 billion of revenues, according to analysts polled by Thomson Reuters Eikon.
For the full year, Couche-Tard's net profit increased 10 per cent to $1.8 billion or $3.25 per share, up from $1.67 billion or $2.95 per share in 2018. Adjusted earnings were up 27.7 per cent to $3.32 per share. Revenues were $59.1 billion, up 15 per cent from $51.4 billion.