Caseys General Stores Inc

F:CS2

Strong quarter: Casey’s reported diluted EPS of $7.37, up 28% year over year, with EBITDA up 17% to $485 million and total revenue up 24.3% to $5.68 billion.

Food momentum: Prepared food and dispensed beverage same-store sales rose 4.8%, driven mostly by traffic rather than pricing, while units increased nearly 4%.

Fuel performance: Fuel margin was $0.478 per gallon despite a volatile market; same-store gallons declined 0.3%, including an estimated 50 basis point headwind from CEFCO remodels.

CEFCO integration: Remodels temporarily pressured comparable sales, but converted stores are performing well, with prepared food and dispensed beverage sales up approximately 30% versus the pre-remodel period.

Guidance unchanged: Management will update annual guidance with second-quarter results, but said first-quarter results and August trends remain within existing annual ranges.

Growth plan: Casey’s remains on track to add 120 stores this fiscal year, split approximately evenly between new stores and small acquisitions.

Category mix: Nicotine alternatives grew 47% and energy drinks grew 12%, offsetting weakness in beer, snacks and traditional cigarettes.

Strategic initiatives: Rewards membership exceeded 11 million, while chicken wings are expanding beyond 850 stores and creating additional prepared-food occasions.