Casey's Strikes Out on Gas Prices
The Iowa convenience store chain says high wholesale fuel prices slashed second-quarter margins.
Casey's General Store
(CASY) - Get Report
posted a 31% drop in second-quarter earnings Wednesday, saying rising wholesale gasoline prices crimped profit margins.
For its quarter ended Oct. 31, the Ankeny, Iowa, operator of convenience stores earned $11 million, or 22 cents a share, down from the year-ago $15.8 million, or 32 cents a share. Revenue rose to $717 million from $612 million a year earlier.
"Despite the challenging gasoline environment, we are pleased with our achievements in the second quarter, especially with the gains made inside our stores," said CEO Ronald Lamb.
Casey's fell 56 cents to $17.67.
