By Adriano Marchese
Shares in Alimentation Couche-Tard Inc. fell Wednesday after the company reported a lower second-quarter profit despite higher revenue as it faces supply chain and labor issues.
At 10:05 a.m. ET, its shares were down 5.1% at C$47.97, the equivalent of US$37.86.
On Tuesday after the market closed, the Canadian operator of convenience stores said earnings per share were 65 cents for the 12 weeks ended Oct. 10, down from 68 cents in the comparable quarter a year earlier.
Net income was $694.8 million, compared with $757 million last year.
Adjusted earnings were 65 cents a share for the quarter.
Total revenue rose to $14.22 billion from $10.66 billion.
“Like our peers across the retail and convenience landscape in North America, this quarter we continued to face unprecedented labor and supply chain challenges,” President and Chief Executive Brian Hannasch said. “No doubt, this is the most difficult market in recent history, and we are working hard to mitigate the situation.”
Write to Adriano Marchese at firstname.lastname@example.org
(END) Dow Jones Newswires
November 24, 2021 10:30 ET (15:30 GMT)
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