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

03-21-24 1022ET