Consumer
Circle K Owner’s Shares Plunge as Earnings Miss Estimates
- Economic headwinds are hitting retailer’s fuel and food sales
- CEO says Couche-Tard is actively looking for acquisitions
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Alimentation Couche-Tard Inc., owner of the Circle K chain of convenience stores and gas stations, fell in early trading after reporting earnings that missed analysts’ estimates as consumers cut back on spending.
The Canadian company posted a 2.2% decline in sales for the third-quarter ended Feb. 4, while adjusted profit fell to 65 cents a share, well below the 84 cents expected by analysts, according to data compiled by Bloomberg. Couche-Tard declined as much as 8% Thursday, the most in almost two years.