3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry.
When Alimentation Couche-Tard reported earnings earlier this week, it highlighted that same-store merchandise revenues in the U.S. turned positive for the first time in over two years. What accounted for this improvement? Throughout the accompanying earnings call, CEO Alex Miller kept returning to one theme — value.
Couche-Tard has been laser-focused on this facet of operations, especially as lower- and lower-middle-income shoppers grow increasingly careful with their spending. During the call, company officials highlighted a few ways the concept of value has driven key initiatives, from Circle K’s fuel days discounts and loyalty program to meal deals and private label items.
In this week’s “3 Big Numbers,” we look a little closer at some details of Couche-Tard’s value push.
750,000
The average number of value meals Couche-Tard sold per week in North America during fiscal Q1.
Couche-Tard discussed its value meal program multiple times during the earnings call. Launched last fall, the value menu includes options at the $3, $4 and $5 levels.
By the end of Q1, the company sold 8.2 million of these meals, and grew unit sales from 540,000 per week at the end of fiscal 2025 to 750,000 per week in the first quarter of fiscal 2026.
That’s pretty hefty growth, and since the company is not even a year into the program, there’s a chance it could expand even further. There’s a good chance we’ll see additions coming to that menu in the future, as well.
“We are actively reviewing opportunities to expand the offering,” Miller said in the call.
20%
The percent of breakfast bundles sold with an energy drink.
Energy drinks are the king of packaged beverages for Couche-Tard. Miller noted in the call that the likes of Red Bull, Monster and Celsius lead in both category strength and profitability.
But what does that have to do with value?
The $4 value meal includes a breakfast sandwich, hash brown and choice of beverage — a coffee, dispensed soft drink or can of Monster energy drink. While coffee feels like the natural pick, roughly 20% of all breakfast meals Couche-Tard sells in North America are paired with an energy drink.
Offering energy drinks as an a.m. option is on trend. The number of cold caffeine bombs c-stores are selling for breakfast nearly tripled through the course of 2024, according to data Technomic shared earlier this year.
11.5 million
The number of customers enrolled in Couche-Tard’s Inner Circle loyalty program.
Loyalty programs are a powerful vehicle for delivering value to consumers. Digital coupons and rewards for users let shoppers get more bang for their buck while also giving retailers data on all those purchasing decisions.
At the end of Q1, Couche-Tard reported that its Inner Circle loyalty program had grown to nearly 11.5 million members across the U.S. That program includes members-only pricing on fuel and dispensed beverages, personalized offers and more.
The program, which debuted a little more than two years ago in Florida, has been slowly expanding to more markets. The company has seen an increase in retention and repeat visits among members.
And Couche-Tard isn’t done growing Inner Circle yet.
“We expect to see significant growth in sign-ups as we expand the program this month to Texas, our largest U.S. market,” Miller said.
