July 9, 2019 / 9:07 PM / a year ago

Alimentation Couche-Tard profit misses on lower fuel sales

FILE PHOTO: Pedestrians walk past a Couche-Tard convenience store in Montreal, April 18, 2012. REUTERS/Christinne Muschi

(Reuters) - Convenience store operator Alimentation Couche-Tard Inc (ATDb.TO) missed analysts’ estimates for quarterly profit on Tuesday, on lower fuel sales across North America and Europe as well as higher expenses.

The company, which is re-branding its stores and service stations outside of Quebec as “Circle K”, said total revenue from its fuel retail business fell 4.3% to $9.6 billion.

Revenue from fuel sales in the United States, its biggest market with over 9,000 stores, fell 3% to $6.2 billion, while it fell 4.3% in Europe and 10.2% in Canada.

Alimentation Couche-Tard said total expenses rose 2.9% to $1.34 billion in the quarter ended April 28.

Net income attributable to the company fell to $293.1 million, or 52 cents per share, in the fourth quarter ended April 28, from $391 million, or 69 cents per share, a year earlier.

On an adjusted basis, the company earned 52 cents per share missing analysts estimates of 54 cents, according to IBES data from Refinitiv.

Total revenue fell 3.7% to $13.11 billion, missing estimates of $13.27 billion.

Reporting by Shanti S Nair in Bengaluru; Editing by Shounak Dasgupta

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