September 10, 2010 / 1:07 PM / 7 years ago

UPDATE 1-Casey's August gasoline comp sales up 3.6 pct

* Says gasoline margins were above FY 2011 target

* Sees positive gasoline margin trends to continue

Sept 10 (Reuters) - Casey’s General Stores Inc (CASY.O), the target of a takeover battle, reported a 3.6 percent rise in August same-store sales for gasoline and said its gasoline margin was above its target.

“We expect the positive gas margin trends to continue and see potential for them to contribute significantly to our results,” Chief Executive Robert Myers said in a statement. Same-store sales for prepared food and fountain rose 3.7 percent, and for grocery and other merchandise rose 4.4 percent in August, the U.S. Midwest convenience-store chain also said in a filing with the Securities and Exchange Commission.

The the Ankeny, Iowa-based company, involved in a takeover battle with Canada’s Alimentation Couche Tard Inc (ATDb.TO), said on Thursday that it received an alternative buyout offer from 7-Eleven, sending its shares to a life-high of $44.04. [ID:nN09205555] They closed $43.95 on Nasdaq. (Reporting by NR Sethuraman in Bangalore; Editing by Unnikrishnan Nair)

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