Let me take a few minutes to summarize the results of the first quarter, then afterwards, we'll open up for questions about our results. As all of you have seen, diluted earnings per share for the first quarter were $1.01 compared to $1.03 for the same quarter a year ago. Results reflect strong gains inside our stores, especially in Prepared Foods. Excluding gasoline, gross profit increased over 13%. I will go over each category to give more details on what is driving these results.Our fuel margin improved each month throughout the quarter as the wholesale cost of fuel declined, resulting in a fuel margin of $0.149 per gallon. Our average gasoline margin for the past 4 years has been $0.143 per gallon. Same-store customer traffic slowed significantly in the quarter due to excessively hot weather conditions throughout a major portion of our marketing territory. As a result, same-store gallons sold in the quarter were down 0.2%. However, total gallons sold for the quarter increased 3.7% to 394.1 million. The average retail price during this time was $3.38 per gallon compared to $3.63 in the same quarter last year.
Casey's General Stores Management Discusses Q1 2013 Results - Earnings Call Transcript
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