Couche-Tard tops sales estimates as fuel demand rebounds

Canadian convenience store chain Alimentation Couche-Tard Inc beat quarterly revenue estimates on Tuesday as sales at its fuel supply outlets picked up following speedy vaccinations and the easing of coronavirus restrictions.

Customers in the United States and some Canadian provinces have begun to emerge from prolonged lockdowns, boosting sales at retail outlets including Couche-Tard and peers Casey’s General Stores Inc and Murphy USA Inc.

Revenue from Couche-Tard’s fuel business, including its European, Canadian and American markets, jumped 32% to $8.35 billion.

Total revenue rose to $12.24 billion in the fourth quarter ended April 25, from $9.69 billion a year earlier. Analysts on average expected total revenue of $11.65 billion, according to IBES data from Refinitiv.

Net income attributable to Couche-Tard shareholders fell to $563.9 million from $576.3 million a year earlier.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M.)