ouche-Tard Inc. announced financial results for its second quarter of fiscal 2014, including net earnings of $229.8 million, up 26.8%. Excluding the non-recurring items, net earnings would have been approximately $249.0 million compared with $171.0 million for the second quarter of fiscal 2013, an increase of 45.6%.Some items affected the results of the second quarter, mainly a foreign exchange loss of $25 million. On the other hand, the results from the second quarter of fiscal 2013 included a non-recurring gain of $10.6 million on foreign exchange forward contracts as well as a foreign exchange gain of $3.8 million.
“The results for the second quarter were very strong and confirmed the trend from the first quarter, especially in Europe where our fuel brand “miles” and our fresh food initiatives continued to deliver strong results” declared Alain Bouchard, president and CEO. “Both in-store revenues and road transportation fuel volumes had a positive impact and were further supported by strong fuel margins and a nice contribution from our recent acquisitions. In North America, the pricing strategies we put in place in the first quarter to support in-store traffic growth proved their effectiveness in both the U.S. and Canada where same-store merchandise revenues increased significantly without affecting the margin as much as it did in the first quarter,” Bouchard concluded.
