Casey’s General Stores narrows FY23 same-store inside sales view to up 6%-7%

The previous same-store inside sales outlook was up 5%-7%. The Company sees FY23 same-store fuel gallons to be down 1% to up 1% from previous guidance from flat to 2% higher. The Company is not updating its outlook for the following metrics. Inside margin is expected to be approximately 40%. Total operating expense increase, excluding the one-time benefit received this quarter, is expected to be near the low end of the annual range of approximately 9%-10%. The Company expects to add approximately 80 stores in FY23, and expects to exceed our stated three year commitment of 345 units. Interest expense is expected to be approximately $55M. Depreciation and amortization is expected to be approximately $320M and the purchase of property plant and equipment is expected to be approximately $450M-$500M, including approximately $135M in one-time store remodel costs for recently acquired stores. The tax rate is expected to be between approximately 24%-25% for the year.