Casey’s General Stores sees FY23 same-store inside sales 5%-7%.

Due to the strong year-to-date performance the Company is modifying its FY23 outlook. The Company now expects same-store inside sales to be approximately 5%-7%. Total operating expense increase is expected to be near the low end of the annual range which was approximately 9%-10%. The tax rate is now expected to be between approximately 24%-25% for the year. The Company is not updating its outlook for the following metrics. Inside margin is expected to be approximately 40%. The Company expects same-store fuel gallons to be flat to 2% higher. 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 $320 million 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.