ANKENY, Iowa — Casey’s General Stores Inc.’s annual goal is to build or acquire 75 to 113 convenience stores, undergo 100 major remodels and replace 10 existing sites, according to CSPnet.com.
The company has acquired one store and has completed 11 replacements, 24 remodels and construction of 25 new stores so far, stated the article.
CSPnet.com continued in the article that people should expect the chain to “ramp up acquisitions, new-store construction and major remodels,” primarily as a result of its second distribution center, as Casey’s enters into the second half of its fiscal year.
“We are on pace to build approximately 50 stores and remodel 100 stores by the end of the fiscal year,” said Robert J. Myers, chairman and CEO of Casey’s during the company’s earnings call, as reported in the article.
Bill Walljasper, senior vice president and chief financial officer of the c-store chain, stated that the company “will be patient” regarding acquisitions.
Acquisitions have been carried out at “very high multiples” over the past six or 12 months, informed the article, however Walljasper reported in the article, “We’re not going to overpay for an acquisition just so we can tell someone that we’ve increased the number of units in our business.”
Casey’s, based in Ankeny, owns and operates 1,896 c-stores throughout 14 states, noted the article.
You can find the article here.
