The net income of Alimentation Couche-Tard has nearly doubled in the fourth quarter which ended on the 26th of April, and this, in spite of the pandemic and the measures of containment.
The giant residents of the trade area has announced on Monday a net profit of 576,3 million US $ (about 787 million CAN$), or US $ 0.52 per share, for the fourth quarter of 2020, compared to 289 million US $ (about 395 million CAD) or US $ 0.26 per share in the corresponding quarter of 2019.
The financial results of Couche-Tard on the year as a whole, also have what good news for leaders and shareholders. The net income amounted to 2,354 billion US $ (approximately $ 3.2 billion CDN), compared to 1,834 billion $ US ($2.5 billion CDN) in 2019, an increase of 28.3 %.
Like many companies, Couche-Tard has seen a decline in ridership and fuel sales in its shops around the world in march and April, as governments have begun to impose containment measures.
However, the historic fall of the price of a barrel of black gold has enabled the retail giant to raise its profits on its sales of fuels, especially in Europe and the United States, which has inflated its net income for the fourth quarter
“The purchasing behavior of our customers have changed: their average basket is higher, and included more products related to impulse purchases and items of first necessity,” has also been the president and chief executive officer of Alimentation Couche-Tard, Brian Hannash.
“Overall, we have experienced an exceptional year, both financial and operational. […] Our business model is agile and decentralized, as well as our progress toward operational excellence, we have been able to overcome the unprecedented challenges linked to the crisis of the COVID-19 and we come out better than many other companies,” added Mr. Hannash.