Casey's General Stores Announces 13% Dividend Increase Following Strong Fourth Quarter Results
Casey's General Stores, Inc. (Nasdaq symbol CASY), a convenience store chain in the United States, released its financial results for the three months and fiscal year ending April 30, 2023. The company experienced significant growth and success during this period, highlighted by strong inside same-store sales, increased net income, and expansion of its store network. Additionally, Casey's announced a substantial 13% increase in its quarterly dividend, marking the 24th consecutive year of dividend growth.
During the fourth quarter, Casey's achieved a diluted EPS of $1.49, slightly lower than the prior year's $1.60. However, inside same-store sales showed impressive growth, rising by 6.5%, accompanied by an inside margin of 39.6%. This led to a remarkable 8.9% increase in total inside gross profit, which amounted to $445.5 million compared to the previous year.
On the fuel front, same-store gallons remained flat, but the fuel margin was maintained at a healthy 34.6 cents per gallon. The total fuel gross profit saw a marginal decrease of 2.2% to $219.7 million compared to the prior year. Notably, Casey's successfully reduced same-store labor hours by 3.3% compared to the previous year, optimizing operational efficiency.
Casey's General Stores demonstrated its commitment to delivering value to its shareholders by announcing a significant increase in its quarterly dividend. The company raised the dividend by 13%, bringing it to $0.43 per share. This marks the 24th consecutive year of dividend growth, further solidifying Casey's reputation as a reliable investment option for shareholders seeking long-term returns.
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