Welcome to our dedicated page for Casey's General Stores news (Ticker: CASY), a resource for investors and traders seeking the latest updates and insights on Casey's General Stores stock.
Casey's General Stores Inc (CASY) is a leading convenience store chain in the Midwestern United States. Founded in 1959 by Don Lamberti in Des Moines, Iowa, the company has grown from a single store into a network of over 2,500 convenience stores across several Midwestern states. Casey's stores offer a wide range of products, including self-service gasoline, grocery items, and freshly prepared foods such as pizza, donuts, and sandwiches.
One of Casey's key strengths is its integrated supply chain. The company operates its own distribution centers, which ensures timely and efficient delivery of products and fuel to its stores. This vertical integration not only reduces costs but also helps maintain consistent product quality. Additionally, Casey's owns the majority of its real estate, including stores, distribution centers, and various facilities, thereby reducing rental expenses and increasing operational flexibility.
Casey's stores are strategically located in small and rural communities, primarily with populations of fewer than 5,000 people. This focus allows Casey's to cater to underserved markets, providing essential goods and services where they are most needed. The company's stores are known for their cleanliness, well-maintained facilities, and excellent customer service.
In recent years, Casey's has been actively modernizing its operations. The company has introduced various digital initiatives, including a user-friendly mobile app and an online ordering system, to enhance the customer experience. These efforts have been well-received, leading to increased customer engagement and sales growth.
Financially, Casey's continues to perform robustly, with consistent revenue growth and strong profitability. The company has also embarked on several strategic partnerships and acquisitions to expand its market presence and diversify its product offerings. These initiatives align with Casey's long-term vision of becoming the preferred convenience store brand in the Midwest.
ParTech, Inc. (PAR) has introduced a new subscription feature for its loyalty software, Punchh, designed for enterprise restaurants and convenience stores. This innovation allows brands to manage subscription programs, capitalizing on the rapidly growing food and beverage subscription market, which is worth over $105 million annually. The feature enhances customer engagement through tailored offers and can lead to increased revenue and customer loyalty. Notably, major brands like Yum! Brands (YUM) and Casey’s (CASY) are already leveraging Punchh to boost their sales.
Casey’s has opened its 2023 Cash for Classrooms grant program, accepting applications until November 30, 2022. The program, now in its third year, supports K-12 public and non-profit private schools in the communities where Casey’s operates. Over $2 million has been awarded through nearly 200 grants since launch, with grants ranging from $3,000 to $50,000 for various educational projects. Grant awards are set for March 2023. More details can be found on Casey’s community website.
ParTech, Inc. (PAR) has enhanced its Punchh loyalty software with three new machine-learning features: Feedback Sentiment, Smart Segments, and Send Time Optimization. These improvements enable restaurant operators to better personalize loyalty programs by analyzing guest feedback, segmenting audiences based on loyalty behavior, and optimizing marketing communication timing. Over 200 global brands, including Yum! Brands (YUM) and Casey’s (CASY), utilize Punchh for boosting customer engagement and revenue. This innovation reinforces PAR's commitment to leading the restaurant technology industry.
Casey's, the third largest convenience retailer in the U.S., has selected Graphite Connect to enhance its procurement processes amid a digital transformation. The platform aims to simplify and expedite supplier onboarding and data management, reducing issues related to outdated supplier data. Jaime Robles, VP of Procurement at Casey's, emphasized the need for a solution like Graphite Connect to improve procurement efficiency. The platform serves as a secure social network for managing supplier risks and data collaboratively, facilitating quicker onboarding and better governance.
Casey's General Stores (CASY) reported strong financial results for the three months ended July 31, 2022. Diluted EPS rose to $4.09, marking a 28% increase year-over-year, and net income surged to $152.9 million, up from $119.2 million. Inside same-store sales grew 6.3%, driven by prepared foods and beverages, while total inside gross profit increased 8.8% to $504.3 million. Fuel gross profit also saw a significant 31.4% rise to $308.2 million, though fuel gallons sold declined 2.3% on a same-store basis. The company maintains its fiscal 2023 outlook, expecting same-store inside sales to rise 4% to 6%.
Casey’s General Stores (NASDAQ: CASY) has appointed Mike Spanos to its Board of Directors, increasing the board size to 12 members. Spanos brings over 28 years of leadership experience in the hospitality and food and beverage sectors. Previously, he served as president and CEO of Six Flags Entertainment and led PepsiCo's operations in Asia, the Middle East, and North Africa, where he achieved significant revenue growth. Board chair Lynn Horak believes Spanos's expertise in supplier relationships will enhance the company's growth strategy.
Casey’s General Stores (Nasdaq: CASY) will release its first quarter fiscal 2023 results on September 7, 2022, after market close. A conference call and webcast are scheduled for September 8 at 7:30 AM Central to discuss these results.
As a leading convenience store chain with over 2,400 locations, Casey’s specializes in fresh foods and quality fuel, and ranks as the third-largest convenience store chain and fifth-largest pizza chain in the U.S.
Casey’s has launched an in-store giving campaign throughout August to support K-12 schools across its 16-state presence. Customers can round up purchases to contribute to the Cash for Classrooms Grant Program, which aims to fund educational projects. In 2022, the program awarded $1 million through 89 grants. Notable grants this year include $50,000 for an inclusive playground in Arkansas and $20,000 for a training center in Nebraska. Applications for grants will open from October 1 to November 30, 2022, with awards announced in March 2023.
Casey’s General Stores has appointed Sri Donthi to its Board of Directors, increasing the total number of directors to eleven. Donthi brings over 25 years of experience in information technology, having served as Executive Vice President and Chief Technology Officer at Advance Auto Parts (AAP). His expertise in leveraging technology for business value is expected to enhance Casey’s operations and growth. Board Chair Lynn Horak and CEO Darren Rebelez expressed that Donthi's addition will support Casey’s digital transformation efforts.
FAQ
What is the current stock price of Casey's General Stores (CASY)?
What is the market cap of Casey's General Stores (CASY)?
What does Casey's General Stores Inc do?
When was Casey's General Stores Inc founded?
Where are Casey's General Stores primarily located?
What products does Casey's General Stores offer?
Does Casey's General Stores own its real estate?
What digital initiatives has Casey's General Stores introduced?
Is Casey's General Stores expanding its market presence?
How does Casey's distribution system work?
What makes Casey's stores unique?
How does Casey's General Stores ensure product quality?
