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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary and Q&A indicate strong financial performance, cost control measures, and strategic partnerships, leading to a positive outlook. The company reports significant savings in operations, increased oil production, and plans to retire debt, which are favorable indicators. Despite some uncertainties in management responses, the overall sentiment is boosted by strategic initiatives and market consolidation opportunities, suggesting a positive stock price movement.
Same-store merchandise revenues (U.S.) Increased by 0.4% year-over-year. This was the first positive performance in several quarters, driven by compelling value and ease in food and beverage offers.
Same-store merchandise revenues (Europe and other regions) Increased by 3.8% year-over-year. Growth supported by cigarette sales in the Netherlands and Luxembourg due to favorable legislation and conditions.
Same-store merchandise revenues (Canada) Increased by 4.1% year-over-year. Growth driven by strong alcohol category performance, offsetting declines in tobacco sales.
Meal deal sales (North America) Increased by nearly 40% year-over-year, with weekly averages rising from 540,000 to over 750,000. Growth attributed to vendor engagement and customer purchasing behavior.
Same-store road transportation fuel volumes (U.S.) Decreased by 0.9% year-over-year. Performance impacted by complex market conditions.
Same-store road transportation fuel volumes (Europe and other regions) Decreased by 1.3% year-over-year. Performance impacted by market conditions.
Same-store road transportation fuel volumes (Canada) Increased by 2.2% year-over-year. Performance attributed to favorable market conditions.
Fuel margins (North America) Remained aligned with previous quarters. Margins supported by optimization of the fuel supply chain and lower-cost sourcing options.
Fuel margins (Europe and other regions) Increased by $0.0273 per liter year-over-year, driven by improved fuel market conditions in certain regions.
Fuel margins (Canada) Increased by CAD 0.011 per liter year-over-year, supported by strong execution and leveraging global scale.
Net earnings attributable to shareholders $783 million, or $0.82 per share on a diluted basis. Adjusted net earnings were $757 million, or $0.78 per share, representing a 6% decrease year-over-year. Decline attributed to gains on asset disposals in the prior year.
Adjusted EBITDA Increased by $25 million or 1.6% year-over-year. Growth driven by organic growth in convenience activities and contributions from acquisitions.
Merchandise and services revenues Increased by $158 million or 3.5% year-over-year. Growth driven by organic growth, acquisitions, and new store openings.
Merchandise and service gross profit Increased by $70 million or 4.4% year-over-year. Growth driven by organic growth in all regions and contributions from acquisitions.
Merchandise and service gross margin (U.S.) Increased by 0.9% to 34.6%. Growth driven by strong food execution, vendor promotional support, and favorable product mix.
Merchandise and service gross margin (Europe and other regions) Decreased by 0.9% to 38.9%. Decline attributed to changes in product mix due to new legislation.
Merchandise and service gross margin (Canada) Decreased by 0.9% to 33.9%. Decline attributed to changes in product mix due to new legislation.
Shrink and spoilage Improved by 13.3% year-over-year. Improvement attributed to new operating methods, stronger processes, and better use of data analytics.
EV charging transactions (Europe) Increased by 50% year-over-year, driven by network expansion and improved utilization of chargers.
Food and Beverage Offers: Focused on providing compelling value and ease, leading to positive same-store sales in the U.S. for the first time in several quarters. Meal deals in North America saw a 40% increase in sales, with 8.6 million food bundles sold in Q1.
New Menu Collaboration: Launched 11 new menu items in collaboration with Guy Fieri, including unique offerings like Mac & Cheeseburger and Sweet Heat fried chicken and waffle sandwich.
Energy Drinks and Beverages: Energy drinks led category strength and profitability, with over 20% of breakfast bundles including an energy drink. Cold and frozen beverages also showed growth.
Acquisition of GetGo Stores: Acquired nearly 270 stores from Giant Eagle, integrating their strengths in food service and loyalty with Couche-Tard's scale and technology.
European Expansion: Expanded Circle K branding in Europe with 65 branded sites, 30 car wash sites, and EV charging dispensers at 185 sites.
New Store Openings: Opened 10 new stores in Q1 and on track to open over 100 in North America for the fiscal year. Currently, 65 stores are under construction.
Shrink and Spoilage Reduction: Achieved a 13.3% improvement in shrink and reduced spoilage by over 500 basis points, contributing to margin improvement.
Fit to Serve Program: Improved labor productivity and reduced overtime wages to 2.3%, marking 20 consecutive months of improvement.
Technology Investments: Rolled out Relex for inventory management and AI task management pilot to improve operational efficiency.
Loyalty Program Expansion: Inner Circle enrollments reached 11.5 million members, with significant growth expected as the program expands to Texas.
EV Charging Network: Expanded European EV charging network to 3,660 charge points, a 35% year-over-year increase, with 1 million charging transactions in Q1.
Fuel Business Initiatives: Introduced fuel days offering discounts to loyalty members, and expanded B2B fuel share in the U.S. with over 510 truck-accessible sites.
Market Conditions: Challenging geopolitical conditions persist across the network, which could impact operations and customer behavior.
Fuel Business: Fuel margins in North America are under competitive pressure, especially in Southern markets, and there is volume volatility in the European B2B business.
Regulatory Changes: Changes in legislation in Europe and Canada are impacting product mix and sales, particularly in the nicotine and alcohol categories.
Economic Uncertainties: Inflationary pressures are affecting operational costs, although mitigated by cost management strategies.
Supply Chain: Efforts to optimize the fuel supply chain are ongoing, but challenges remain in sourcing lower-cost options.
Strategic Execution: Integration of acquisitions like GetGo and the rollout of new technologies such as Relex and AI task management require significant investment and operational focus, posing execution risks.
Tobacco and Nicotine Sales: Declines in tobacco sales in Canada due to illicit trade and removal of popular products, as well as regulatory changes in Europe, are impacting revenues.
B2B Fuel Business: Intense price competition in Ireland and Norway and excise duty increases in Lithuania are affecting bulk fuel volumes.
Revenue Expectations: The company expects to open over 100 new stores in North America for the fiscal year, contributing to revenue growth. Additionally, the company is on track to open 500 new stores as part of its long-term ambition.
Margin Projections: Fuel margins in North America are expected to remain aligned with previous quarters. The company is also optimistic about improving margins through better food program execution, reduced spoilage, and disciplined cost control.
Capital Expenditures: Significant investments are being made in technology and operational tools, including the rollout of Relex, which is expected to improve inventory management and reduce spoilage. Investments are also being made in EV charger deployments and store remodel programs.
Market Trends: The company anticipates growth in the energy drink category and continued strong performance in the alcohol category in Canada. In Europe, the nicotine category is showing signs of recovery, driven by growth in other nicotine products.
Business Segment Performance: The company expects continued growth in its food and beverage offerings, with plans to expand meal deal offerings and introduce new menu items in collaboration with Guy Fieri. The loyalty program is also expected to drive traffic and increase customer engagement.
Quarterly Dividend: The Board of Directors declared a quarterly dividend of CAD 0.195 per share for the first quarter of fiscal 2026. The dividend is payable to shareholders on record as of September 11, 2025, with payment effective September 25, 2025.
Share Buyback Program: The company repurchased 7.9 million common shares for an amount of $405.4 million following the July 21 announcement authorizing the share buyback program. The program is now in full motion and is viewed as an effective way to create sustainable long-term shareholder value while optimizing the balance sheet.
The earnings call reflects strong operational performance, with oil production exceeding expectations and significant progress in business optimization. The company has a solid financial position, with low net debt-to-EBITDA and substantial liquidity. Positive developments include raised production guidance, capital spending reduction, and successful asset integration. However, some concerns in the Q&A, such as vague responses on certain strategic aspects, slightly temper the outlook. Overall, the strong financial metrics and optimistic guidance suggest a positive stock price movement, likely between 2% to 8%.
The earnings call summary and Q&A indicate strong financial performance, cost control measures, and strategic partnerships, leading to a positive outlook. The company reports significant savings in operations, increased oil production, and plans to retire debt, which are favorable indicators. Despite some uncertainties in management responses, the overall sentiment is boosted by strategic initiatives and market consolidation opportunities, suggesting a positive stock price movement.
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