LAVAL, Que. — Alimentation Couche-Tard Inc. says net earnings attributable to shareholders totalled US$623.4 million in its third quarter, down 15.5 per cent from US$737.4 million a year earlier.

The Laval, Que.-based company, which reports in U.S. dollars, says revenues for the quarter ended Feb. 4 were US$19.6 billion, down from US$20.1 billion during the same quarter last year.

Diluted earnings per share were 65 cents US, down from 73 cents US.

The company says the lower earnings were mainly due to a lower average road transportation fuel gross margin in the U.S. and softer customer traffic amid challenging economic conditions.

President and CEO Brian Hannasch says the company is focused on providing value to customers amid the current headwinds by growing its selection of private-label options, continuing to roll out its loyalty program, and offering reoccurring Fuel Day promotions.

He says that in January the company closed on its acquisition of certain European retail assets from TotalEnergies, bringing four new countries into Couche-Tard's network with 2,175 additional stores.

This report by The Canadian Press was first published March 20, 2024.

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