Iowa-Based Casey’s Has its Strongest Fiscal Year Results in Company History
Casey’s General Stores, which is based in Ankeny, just concluded its fiscal year to the tune of $8.7 billion in sales according to a new report from Radio Iowa. These are the strongest fiscal results in the companies 53-year history. This news comes off the heels of one of the most difficult years for many businesses in the U.S., and the world.
Casey's adjusted its products to adjust to the difficulties of 2020
Casey's didn't sit idle during COVID and go with the flow, the company adjusted what it sold, selling less grab-and-go food, and instead more PPE and groceries - which was what customers demanded more of during the COVID pandemic. Casey's also sold more alcohol as demand for beer and spirits was up due to restaurants and bars being closed. According to the report, in February, March, and April 2021, in-store sales were up by 13%.
One area where Casey's, and other convenience stores saw a large decline was gas sales. the company finished the fiscal year down 8.1% in same-store gallons sold. However, the 34.9 cents per gallon fuel margin helped push Casey’s profits from fuel sales up nearly 24% over the past fiscal year.
Things appear to be returning to 'normal' as 2021 rolls on
The report indicates Casey's is seen a return to more normal sales of items like pizza slices and fountain beverages and bakery items. Casey's is also seen more customers coming through its doors each day as people return to in-person office work and begin traveling more as summer begins.
Casey's is based in Ankeny, Iowa, and has 2,100 locations in 16 states.
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