The Ankeny-based Casey’s convenience store chain reported net income for the first quarter was up a little more than 27% compared to last year at almost 274 million dollars. Same store inside sales were up 3.2%, while gallons of gas sold were down three tenths of a percent. CEO Darren Rebelez says the margin on a gallon of gas was nearly 48 cents and gross profits on gas sales were up 19.6% in the quarter as consumers reacted to increased gas prices.
Total fuel gallons sold for the quarter increased two-point-five percent compared to last year due to an increase in the number of stores, slightly offset by a modest decrease in same-store gallons sold. He says customers are making different choices at the pump.
Casey’s says the volatility in gas prices due to international events saw the gas margin vary during the quarter from 30 to 60 cents.
