Casey’s General Stores Stock Drops Sharply After Disappointing Sales Report
Shares of Casey's General Stores (CASY) fell nearly 15% on Wednesday, making it the worst-performing stock in the S&P 500. The decline followed a report showing same-store sales growth for the fiscal first quarter at 3.2%, below analysts' expectations of 3.8%. Despite strong earnings and revenue that exceeded forecasts—$7.37 per share on $5.68 billion in revenue—the stock was hit by weaker-than-expected fuel and grocery sales. The company's CEO attributed the performance to a volatile fuel environment, with same-store fuel sales declining 0.3%, contrary to expectations of slight growth. Analysts from William Blair suggested that the market reaction may be overblown but noted concerns about consumer health due to lackluster results in key areas. Despite Wednesday’s drop, Casey's shares remain up more than 12% year-to-date.
Tickers: $CASY
Topics: convenience_stores fuel_sales retail same-store-sales