LAVAL, Que. — Alimentation Couche-Tard Inc. says its net earnings rose to $872.4 million in the first quarter of its 2023 fiscal year, a 14 per cent increase from the prior year's quarter.

The convenience store operator, known for its Couche-Tard and Circle K brands, says its profit amounted to 85 cents per diluted share, compared to 71 cents per diluted share in the first quarter of fiscal 2022.

The company reported total revenue for the quarter of $18.7 billion, a year-over-year increase of $5.1 billion or 37.4 per cent.

It attributed the increase in revenue to higher selling costs of fuel, as well as merchandise and service revenue growth and the impact of acquisitions.

The retailer said its revenue growth was partially offset by lower fuel demand, which it said is the result of higher retail fuel prices, the work-from-home trend and the impact of its fuel rebranding project.

On an adjusted basis, Alimentation Couche-Tard reported earnings of $875 million for the quarter, compared with $758 million in adjusted net earnings in the prior year's quarter.

This report by The Canadian Press was first published Aug. 30, 2022.

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