Convenience store operator Alimentation Couche-Tard (ATD) has reported a fiscal fourth quarter profit of $670.7 million U.S., up 40% from $477.7 million U.S. a year earlier.
The Laval, Quebec-based company said the dramatic profit increase was due to increased consumer spending as people travel more often, as well as its global expansion.
Alimentation Couche-Tard also said that it sold more gasoline and food products at its stores during the most recent quarter.
Same-store sales rose 3.3% in the U.S. and 6% in Canada, while same-store gasoline sales increased 0.8% in America and 6% in Canada.
Revenue at the company totalled $16.26 billion U.S. in the quarter, down 1% from $16.43 billion U.S. a year earlier.
Alimentation Couche-Tard continues to expand aggressively through acquisitions.
In the last six months, the company has acquired 45 retail stores from Big Red Stores, 112 fuel and convenience sites from Mapco Express, and 65 car washes from True Blue Car Wash, all in the United States
The company has also struck a $4.5 billion deal to buy 2,193 retail sites in Europe from TotalEnergies (TTE).
Alimentation Couche-Tard says it is now looking at growth opportunities in South America and Asia.
The stock of Alimentation Couche-Tard has risen 29% in the last year to trade at $68 a share.
