Even if its profit margins on gasoline sales have exploded, largely following the surge in oil prices, Alimentation Couche-Tard ensures that it is doing everything to offer motorists prices as competitive as possible.
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“We monitor prices very diligently and we always try to be as competitive as possible. That’s our goal,” said yesterday at the Log Couche-Tard’s chief financial officer, Claude Tessier.
In the three months that ended July 17, the retailer earned a margin of 14.04 cents per liter of gasoline, up 29% from 10.92 cents a year ago. earlier.
National Bank Financial analyst Vishal Shreedhar has calculated that in Canada, Couche-Tard now sells 14% less gasoline than before the pandemic, but that gross profits from this product have jumped 42% . The trend is the same in the United States.
Despite sluggish food sales, the company’s net profits grew 14% to exceed US$872 million.
“We try to continue to deliver a good return to our shareholders. It’s a gymnastics that is very delicate right now,” Mr. Tessier specified, pointing out that Couche-Tard has succeeded in limiting the growth of its expenses below the current high rate of inflation.
The retailer’s CEO, Brian Hannasch, acknowledged that the labor shortage “led to an escalation in hourly wages that far exceeded what we anticipated.”
Currently, Couche-Tard posts positions at $15.75 per hour in Quebec, or $1.50 more than the minimum wage.
Moreover, more than a year and a half after the failed attempt to get their hands on the French giant Carrefour, the Quebec multinational is tempering its ambitions in terms of acquisitions.
Couche-Tard now expects that 40% of its future growth will come from acquisitions, compared to 70% so far.
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