(Reuters) - Convenience store operator Alimentation Couche-Tard Inc (ATDb.TO) missed analysts’ estimates for quarterly profit on Tuesday, on lower fuel sales across North America and Europe as well as higher expenses.
The company, which is re-branding its stores and service stations outside of Quebec as “Circle K”, said total revenue from its fuel retail business fell 4.3% to $9.6 billion.
Revenue from fuel sales in the United States, its biggest market with over 9,000 stores, fell 3% to $6.2 billion, while it fell 4.3% in Europe and 10.2% in Canada.
Alimentation Couche-Tard said total expenses rose 2.9% to $1.34 billion in the quarter ended April 28.
Net income attributable to the company fell to $293.1 million, or 52 cents per share, in the fourth quarter ended April 28, from $391 million, or 69 cents per share, a year earlier.
On an adjusted basis, the company earned 52 cents per share missing analysts estimates of 54 cents, according to IBES data from Refinitiv.
Total revenue fell 3.7% to $13.11 billion, missing estimates of $13.27 billion.
Reporting by Shanti S Nair in Bengaluru; Editing by Shounak Dasgupta