Couche-Tard Shares Slide as Consumer Spending Puts Pressure on 3Q Profit
By Adriano Marchese
Alimentation Couche Tard shares were sharply lower Thursday morning after the company said its third-quarter profit fell as consumers reigned in their spending.
Shares trading in Toronto were down 4.6% to 77.78 Canadian dollars ($57.65).
Late on Wednesday, the Canadian convenience-store chain reported a profit of $623.4 million, or 65 cents a share, in the quarter ended Feb. 4, compared with $737.4 million, or 73 cents a share, a year earlier.
Analysts polled by FactSet expected per-share earnings to remain steady at 73 cents.
Revenue also fell, dropping by 2.2% to $19.62 billion, but ahead of expectations of analysts for $18.3 billion.
Couche-Tard said the drop in revenue was caused by lower average car-fuel selling prices and weaker traffic because of challenging economic conditions.
Write to Adriano Marchese at adriano.marchese@wsj.com
(END) Dow Jones Newswires
March 21, 2024 10:22 ET (14:22 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What History Tells Us About the Fed’s Next Move
-
What’s Happening In the Markets This Week
-
Alphabet’s New Dividend: What Investors Need to Know
-
Going Into Earnings, Is Palantir Stock a Buy, a Sell, or Fairly Valued?
-
Going Into Earnings, Is Eli Lilly Stock a Buy, a Sell, or Fairly Valued?
-
What’s the Difference Between the CPI and PCE Indexes?
-
5 Stocks to Buy That We Still Like After They’ve Run Up
-
Markets Brief: Stocks Are Starting to Look Cheap Again
-
AbbVie Earnings: Next-Generation Immunology Drugs Help Offset Humira Biosimilar Pressure
-
Exxon Earnings: Ignore Earnings Shortfall as Long-Term Growth and Improvement on Track
-
American Airlines Earnings: We See Costs Overshadowing Market Share This Year
-
Snap Earnings: Advertising Growth and Snapchat+ Drive Monetization
-
STMicro Earnings: We Still See an Attractive Margin of Safety Despite a Poor First-Half Forecast
-
Alphabet Shares Surge on Strong Earnings, Dividend Surprise
-
Microsoft Earnings: Firm Beats Forecasts on Strong AI and Cloud Demand
-
PG&E Earnings: Near-Term Regulatory Certainty Supports Industry-Leading Earnings Growth