3 Big Numbers is a weekly column that looks at a few key details from around the c-store industry.
Casey’s General Stores shared recent successes and upcoming growth plans at its annual investor day on June 24. Multiple C-suite executives discussed the company’s financial footing, foodservice ambitions and expansion plans, among other metrics, in a presentation.
Two weeks ago, we looked back at Casey’s last three years. In this week’s “3 Big Numbers” we look ahead, digging into Casey’s investor day presentation to examine its plans for the future.
400
The number of stores Casey’s plans to add over the next three years.
The most eye-catching figure from the report was the 400 new Casey’s locations being planned over the coming three years. The retailer expects to achieve this through a combination of new builds and small acquisitions, Casey’s leaders said during the presentation.
It’s not surprising to see — the retailer set and then surpassed a target of 350 new stores in its last 3-year plan and has been steadily growing its store count for years. However, it was interesting to hear more details about the M&A side of that equation.
“On average, an acquired store costs about a million dollars less than a new build, and we are also able to maintain the same return requirements as building a new store,” said Ena Williams, Casey’s chief operating officer, during the presentation. She added that synergies with acquisitions can be higher on smaller or single-store pickups than larger deals.
25
The number of consecutive years Casey’s has seen inside same-store sales growth.
Casey’s isn’t just building on a legacy of store count growth. The company has a strong history of sales growth as well.
In the investor day presentation, the retailer reported 25 straight years inside same-store sales growth. That means it increased inside sales even during difficult times like the 2008 recession or the COVID-19 pandemic.
The company expects its inside same-store sales growth to continue, setting a goal for a mid-single-digit increase in that metric over the next three years.
16%
Casey’s same-store prepared food growth over the past three years.
Casey’s popular prepared food offering plays a big part in its consistent sales growth.
The retailer saw 16% same-store growth in prepared food and beverage over the past three years, said Brad Haga, senior vice president of prepared food and dispensed beverages, during the presentation.
Over those three years, the retailer made a number of menu changes — debuting thin crust pizza, launching several new beverage programs and introducing fresh categories like sandwiches, wings and fries. The company has also expanded its AI-powered ordering agents to almost all of its stores, cutting down on the number of missed orders.
“We’re winning in prepared foods, where the pizza QSR industry is struggling,” Haga said.
