Couche-Tard misses expectations as Q4 profits drops 25%
Alimentation Couche-Tard Inc. missed expectations as its net income
attributable to shareholders decreased 25 per cent to US$293.1 million
in the fourth quarter of its fiscal year on a dip in revenues.
The Laval, Que.-based convenience store chain, which reports in U.S.
dollars, says it earned 52 cents per share for the period ended April
28, down from 69 cents per share or $391 million a year earlier. The
company received a net tax benefit of $69.7 million in the
fourth-quarter of fiscal 2018 from U.S. tax cuts.
Adjusted profits of 52 cents per share compared with 59 cents per share in the fourth quarter of 2018.
Revenues fell 3.7 per cent to $13.1 billion from $13.6 billion.
The retailer was expected to earn 54 cents per diluted share in
adjusted profits on $13.3 billion of revenues, according to analysts
polled by Thomson Reuters Eikon.
For the full year, Couche-Tard's net profit increased 10 per cent to
$1.8 billion or $3.25 per share, up from $1.67 billion or $2.95 per
share in 2018. Adjusted earnings were up 27.7 per cent to $3.32 per
share. Revenues were $59.1 billion, up 15 per cent from $51.4 billion.