05:53 PM EDT, 09/04/2024 (MT Newswires) -- Alimentation Couche-Tard ( ANCTF ) after trade Wednesday said its fiscal first quarter profit fell 5.2% on lower store traffic and weaker U.S. fuel margins.

The global convenience and gas-stop operator said its adjusted profit, excluding most one-time items, fell to US$790.8 million, or US$0.83 per share, in the quarter ended July 21, down from US$834.1 million, or US$0.85. The result missed the consensus forecast for a profit of US$0.84 per share, according to Capital IQ.

Revenue rose to US$18.28 billion, compared to $15,62 billion a year earlier, easily beating a consensus forecast form Capital IQ of $17.97 billion.

Couche-Tard added the adjusted earnings decrease was primarily driven by softness in traffic and fuel demand as low income consumers remain impacted by challenging economic conditions, as well as by a lower fuel margins in the United States, partly offset by the favorable impact of the share repurchase program

Last month the company submitted a friendly, non-binding acquisition proposal to acquire the Japanese owner of the 7-Eleven convenience store chain. It has not provided terms or a price.

ATD closed Wednesday down $0.57 at $74.43 on the Toronto Stock Exchange.