Company News

Couche-Tard quarterly revenue tops estimates

June 29 (Reuters) - Canadian convenience store chain Alimentation Couche-Tard Inc’s quarterly revenue beat estimates on Monday, helped by an early surge in demand for groceries and other essentials from consumers stockpiling due to the coronavirus crisis.

A drop in demand at the company’s fuel stations dragged down its total revenue to $9.69 billion from $13.11 billion. However, it still beat analysts’ average estimate of $9.36 billion, according to IBES data from Refinitiv.

Net income attributable to the company rose to $576.3 million, or 52 cents per share, in the fourth quarter ended April 26, from $293.1 million, or 26 cents per share, a year earlier. (Reporting by Uday Sampath in Bengaluru; Editing by Vinay Dwivedi)