Laval, Que. — Alimentation Couche-Tard Inc. , the Montreal-area company that operates convenience stores throughout Canada and the United States, says its latest quarterly profit was down nearly 10 per cent from a year earlier.
Couche-Tard, which reports in U.S. currency, says its profit in the 12 weeks ended Oct. 11 was $88.2-million, down 9.6 per cent from $97.6-million in the year-earlier period.
The Laval-based company says its bottom line was particularly hard-hit by lower profit margins on gasoline sold at its U.S. stores.
Last year, Couche-Tard enjoyed unusually high margins on motor fuels during the summer months, when crude oil and gasoline prices were near record highs.
Revenue for what is the company's second quarter of fiscal 2010 was actually up, with increases in both the United States and Canada. Total revenue was up 5.3 per cent to $1.42-billion from $1.34-billion in the year-earlier.
© Canadian Press
