Revenue from its fuel business, which includes about 10,800 outlets across the United States, Europe and other countries, jumped 32% to $8.35 billion in the fourth quarter after falling by more than a third in the first three quarters.

"We had a steady improvement in parts of the network, especially in the United States, where we are starting to see a return to more normal driving behavior," Chief Executive Officer Brian Hannasch said in a statement.

Couche-Tard's results mirror that of U.S. peer Casey's General Stores Inc, which reported growth in its fuel division earlier this month.

Fuel volumes, however, were still below pre-pandemic levels due to work-from-home policies and renewed restrictions in some regions including Ontario and Quebec, Couche-Tard said.

The Canadian company's revenue from merchandise and services rose 15.2% to $3.72 billion, boosted by its move to sell fast-food items such as sandwiches, hot dogs and snacks at more stores.

Total revenue rose 26.3% to $12.24 billion in the fourth quarter ended April 25, exceeding analysts' average estimate of $11.65 billion, according to Refinitiv-IBES data.

On an adjusted basis, Couche-Tard earned 52 cents per share, well above an estimate of 42 cents.

Couche-Tard's shares are largely flat so far this year, having taken a beating after the company in January attempted to buy French grocer Carrefour.

(Reporting by Praveen Paramasivam in Bengaluru; Editing by Ramakrishnan M.)