LAVAL, Que. -- Alimentation Couche-Tard Inc. (ATD/B:CT) says it is proceeding with a two-for-one split of its shares as the convenience store giant's profitability continued to grow in the first quarter of its fiscal year.

The Quebec-based retailer says the split of its Class A and B shares will take effect Sept. 20. Couche-Tard's shares closed up 54 cents at $82.34 in Wednesday trading on the Toronto Stock Exchange.

The company said after markets closed that its net profit attributable to shareholders for the quarter surged 18 per cent year over year to US$538.8 million or 95 cents per diluted shares, up from US$455.6 million or 81 cents per share a year earlier.

Excluding one-time items, adjusted profits for the period ended July 21 equalled 97 cents per share, up from 87 cents per share a year earlier.

Revenues were US$14.16 billion, down 4.2 per cent from US$14.79 billion in the first quarter of 2019.

The retailer was expected to post 97 cents in adjusted earnings on US$15 billion in revenues, according to the financial markets data firm Refinitiv.