LAVAL, Que. -- Alimentation Couche-Tard Inc. says its fourth quarter profit fell nearly 11 per cent as the result of currency fluctuations and US$22.2 million of non-recurring costs related to its acquisition of The Pantry.
The owner of Mac's and Couche-Tard convenience stores in Canada and Circle K stores throughout the United States says currency fluctuations had an US$8.6-million negative impact on earnings and contributed to a decline in overall revenue.
The Quebec-based multinational -- which reports in U.S. currency -- had $129.5 million or 23 cents per share of net earnings in the quarter, down from $145.1 million or 25 cents per share a year earlier.
After adjustments in both years, the Couche-Tard's profit was 25 cents per share for the 12 weeks ended April 26 -- up from 22 cents per share in last year's fourth quarter.
Total revenue fell 18.6 per cent to $7.28 billion from $8.9 billion, mostly because of a decline in the average selling price for gasoline, currency fluctuations and the sale of an aviation fuel business in Europe.
Analysts had estimated $7.62 billion of revenue and 26 cents per share of earnings, according to Thomson Reuters.
