05:34 PM EDT, 06/25/2024 (MT Newswires) -- Alimentation Couche-Tard Inc. ( ANCTF ) after trade Tuesday reported fiscal fourth-quarter earnings that were both down on the year earlier period, and missed forecast.

Excluding items, the global convenience store and gas-stop operator said adjusted earnings, excluding most one-time items. fell 32% to US$461.0 million, or US$0.48 per share, in the quarter ended April 28, down from US$698.0 million, or US$0.71 per share in the year-prior period

The result missed the consensus Capital IQ forecast for an adjusted profit per share of US$0.50.

Couche-Tard said the decrease in it earnings was primarily driven by lower road transportation fuel gross margin in the United States, the impact of one less week in the quarter compared to the year-prior period, and the impact on its investments and business acquisitions on depreciation and financial expenses, partly offset by the impact of a lower income tax rate on net earnings, as well as the contribution from acquisitions, which amounted to approximately $21.0 million.

It also reported total merchandise and service revenues of $4.1 billion, a decrease of 1.7%. Same-store merchandise revenues decreased by 0.5% in the United States, by 2.0% in Europe and other regions, and by 3.4% in Canada, all impacted by constraints on discretionary spending due to challenging economic conditions for low income consumers.

The company reported an increase in the annual dividend declared for fiscal 2024 of 25.5%, from C$0.53 to C$0.6650

Couche-Tard shares closed up $1.08 or near 1.4% at $79.50 on the Toronto Stock Exchange.