Alimentation Couche-Tard announces its results for its fourth quarter and fiscal year 2019
Quarter
-- Net earnings attributable to shareholders of the Corporation ("net
earnings") of $293.1 million ($0.52 per share on a diluted basis) for
the fourth quarter of fiscal 2019 compared with $391.0 million ($0.69
per share on a diluted basis) for the fourth quarter of fiscal 2018.
Excluding certain items for both comparable periods, net earnings for
the quarter would have been approximately $295.0 million(1) or $0.52(1)
per share on a diluted basis, compared with $0.59(1) per share on a
diluted basis for the fourth quarter of fiscal 2018, a decrease of
11.9%.
-- Total merchandise and service revenues of $3.3 billion, an increase of
2.4%. Same-store merchandise revenues increased by 3.4% in the U.S., by
4.7% in Europe and by 4.2% in Canada.
-- Merchandise and service gross margin increased by 0.3% in the U.S. to
33.9%, while it decreased by 2.2% in Europe to 41.8%, and by 1.4% in
Canada to 33.0%.
-- Same-store road transportation fuel volume increased by 0.3% in the
U.S., while they decreased by 1.8% in Europe and by 0.4% in Canada.
-- Road transportation fuel gross margin increased by 1.22¢ per gallon in
the U.S. to 18.51¢ per gallon, while it decreased by US 0.44¢ per
liter in Europe to US 8.28¢ per liter, and by CA 1.31¢ per liter in
Canada to CA 8.13¢ per liter.
-- The Corporation surpassed its annual synergies run rate target of $215.0
million for CST Brands Inc. ("CST"), one year earlier than planned.
-- Adjusted leverage ratio² continued to improve and reached 2.29 : 1.
-- The Corporation successfully finalized its rebranding project in Europe,
by completing the rebranding of its network in Ireland. More than 2,000
stores in Europe and more than 5,600 stores in North America now display
the new Circle K global brand.
Fiscal Year 2019
-- Record diluted net earnings per share of $3.25 compared with $2.95 for
fiscal 2018, an increase of 10.2%, while adjusted diluted net earnings
per share were $3.32(1) compared with $2.60(1) for fiscal 2018, an
increase of 27.7%.
-- Unprecedent free cash flows generation allowed for net debt repayment
totalling $1.8 billion during the year.
-- Strong improvement on return on capital employed², moving from 12.0% to
14.1%, on a pro-forma basis.
-- Increase in the annual dividend of 21.6%, from CA 37.0¢ to CA 45.0¢.
____________________________________________
(1) Please refer to the section "Net earnings attributable to shareholders of the Corporation ("net earnings") and
adjusted net earnings attributable to shareholders of the Corporation ("adjusted net earnings")" of this
press release for additional information on this performance measure not defined by IFRS.
(2) Please refer to the section "Summary Analysis of Consolidated Results for the Fourth Quarter and Fiscal 2019"
of this press release for additional information on this performance measure not defined by IFRS.
LAVAL, QC, July 9, 2019 /PRNewswire/ - For its fourth quarter ended April 28, 2019, Alimentation Couche-Tard Inc. ("Couche?Tard" or the "Corporation") (TSX: ATD.A) (TSX: ATD.B) announces net earnings attributable to shareholders of the Corporation of $293.1 million, representing $0.52 per share on a diluted basis. The results for the fourth quarter of fiscal 2019 were affected by pre-tax restructuring costs of $2.6 million, a pre-tax net foreign exchange gain of $1.1 million, as well as pre?tax acquisition costs of $0.4 million. The results for the comparable quarter of fiscal 2018 were affected by a net tax benefit of $69.7 million, of which $4.1 million relates to non-controlling interests, following the approval of the "U.S. Tax Cuts and Jobs Act", pre-tax restructuring costs of $6.9 million, a $4.5 million pre-tax accelerated depreciation and amortization expense in connection with the Corporation's global brand initiative, a pre-tax net foreign exchange loss of $1.0 million, as well as pre-tax acquisition costs of $0.9 million. Excluding these items, the adjusted diluted net earnings per share would have remained at $0.52 for the fourth quarter of fiscal 2019, compared with $0.59 for the fourth quarter of fiscal 2018, a decrease of 11.9%, driven by an increase in expenses, as well as by the net negative impact from the translation of our Canadian and European operations into US dollars, partly offset by organic growth. All financial information is in US dollars unless stated otherwise.
"We had a fantastic year in fiscal 2019, and I am immensely proud of the entire team for the work done in our stores and support offices. We had a record bottom-line, generated impressive cash flows, surpassed our CST synergies target and integrated Holiday into our network," stated Brian Hannasch, President and CEO of Alimentation Couche-Tard. "This year, we once again proved our commitment to organic growth by initiating a pipeline of activities focused on bringing more customers to our locations and becoming more strategically aligned as a company than ever before. More and more customers are getting to know the Circle K brand across the globe and how we make our customers' lives a little easier every day."
"During the quarter, we saw a good performance in same-store sales in all our geographies and good same-store gallons results in the U.S. despite fuel shortages in some regions. We continue to see traffic to site strengthening and I am particularly pleased with developments in our packaged and dispensed beverage categories with the continued success in the rollout of our new Coffee on Demand program in the U.S., the expansion of Polar Pop® and Froster® beverages in Canada, and increased interest in seasonal blends and limited-time-offers in Europe. The rollout of innovative products in tobacco and food helped improve merchandise revenues this quarter, and we also took part in new collaborations with our partners which are beginning to drive more traffic to our stores and excitement with our offerings," concluded Brian Hannasch.
Claude Tessier, Chief Financial Officer, stated: "I am pleased that once again our solid results in fiscal 2019 have led to significant cash flows and moved us forward in our deleveraging plan as evidence in our adjusted leverage ratio of 2.29 : 1. This quarter, we also secured approval and adopted a share repurchase program. While this quarter had higher than usual operating expenses, these were partly driven by the impact of changes to certain provision assumptions caused by external factors, as well as the Esso dealers' model change, similar to what was discussed in previous quarters. It should be noted that operating expenses for the year were on plan. As always, we remain committed to our customary financial discipline and increasing value for our shareholders."
Significant Items of the Fourth Quarter of Fiscal 2019
-- Our annual synergies run rate related to the CST acquisition surpassed
our target of $215.0 million over the three years following the
transaction, one year earlier than planned. These synergies resulted in
reductions in operating, selling, administrative and general expenses,
as well as improvements in road transportation fuel and merchandise
distribution and supply costs. As always, we will continue our efforts
towards improving our efficiency and we are confident that additional
synergies will be realized.
-- The rollout of the Circle K brand in North America is progressing
steadily. As of April 28, 2019, more than 5,600 stores in North America,
including approximately 720 stores acquired from CST, and more than
2,000 stores in Europe were proudly displaying our new global brand.
Subsequent to the end of the quarter, we successfully finalized our
rebranding project in Europe, by completing the rebranding of our
network in Ireland.
-- During the quarter, as part of our cost reduction initiatives and the
search for synergies aimed at improving our efficiency, we made the
decision to proceed with the restructuring of certain of our operations.
As such, additional restructuring costs of $2.6 million were recorded to
earnings of the fourth quarter of fiscal 2019.
-- During the quarter, we repaid the totality of our unsecured
non-revolving credit facility, as well as the majority of our revolving
unsecured credit facility. In addition, subsequent to the end of the
quarter, on May 28, 2019, we repaid $150.0 million of our
US-dollar-denominated senior unsecured notes.
-- On April 8, 2019, we received the approval from the Toronto Stock
Exchange to implement a new share repurchase program to repurchase up to
4.0% of our Class B subordinate voting shares. Subsequent to the end of
the quarter, we repurchased 245,274 shares, for a net amount of $14.4
million. All shares repurchased were cancelled.
Changes in our Network
-- On February 5, 2019, we sold 19 retail sites in Oregon and West
Washington for a cash consideration of approximately $30.0 million. This
transaction resulted in a gain of $17.3 million.
-- During the fourth quarter of fiscal 2019, we acquired one
company-operated store through a distinct transaction, for a total of
eight acquired company-operated stores since the beginning of fiscal
2019.
-- During the fourth quarter of fiscal 2019, we completed the construction
of 19 stores and the relocation or reconstruction of 13 stores, reaching
a total of 51 and 41 stores, respectively, since the beginning of the
fiscal year. As of April 28, 2019, 28 stores were under construction and
should open in the upcoming quarters.
-- On May 22, 2019, subsequent to the end of the quarter, we closed the
first transaction of the Asset Exchange Agreement with CrossAmerica
Partners LP ("CAPL"). In this first transaction, 60 Circle K U.S. stores
have been exchanged against 17 company-operated stores owned and
operated by CAPL and the real estate for 8 properties held by CAPL, for
a total value of approximately $58.0 million. No gain or loss arose from
this transaction. The remaining transactions are expected to be
completed by the end of the first quarter of calendar year 2020.
-- On February 21, 2019, we announced a multi-year agreement with Canopy
Growth Corporation allowing us to licence the "Tweed" trademark to
cannabis retail store operations in the Province of Ontario, Canada.
Through this new strategic partnership, we aim to lean on Canopy
Growth's cannabis expertise and leverage our experience with other
age-restricted products to focus on the safe, responsible and lawful
sale of cannabis. On May 17, 2019, a first licensed store was opened
under this agreement.
Summary of changes in our store network during the fourth quarter and fiscal 2019
The following table presents certain information regarding changes in our store network over the 12-week period ended April 28, 2019:
12-week period ended April 28, 2019
Type of site Company- CODO DODO Franchised and Total
operated other affiliated
Number of sites, beginning
of period 9,881 458 1,058 1,245 12,642
Acquisitions 1 1
Openings /constructions /
additions 19 11 21 51
Closures /disposals /
withdrawals (52) (16) (51) (119)
Store conversion (55) 56 (1)
---
Number of sites, end of
period 9,794 514 1,052 1,215 12,575
---
CAPL network 1,285
Circle K branded sites
under licensing
agreements 2,181
---
Total network 16,041
---
Number of automated fuel
stations included in the
period-end figures 976 14 990
---
The following table presents certain information regarding changes in our store network over the 52-week period ended April 28, 2019:
52-week period ended April 28, 2019
Type of site Company- CODO DODO Franchised and Total
operated other affiliated
Number of sites, beginning
of period 9,718 722 1,051 1,249 12,740
Acquisitions 8 2 10
Openings /constructions /
additions 51 1 55 92 199
Closures /disposals /
withdrawals (182) (6) (58) (128) (374)
Store conversion 199 (203) 2 2
---
Number of sites, end of
period 9,794 514 1,052 1,215 12,575
---
CAPL network 1,285
Circle K branded sites
under licensing
agreements 2,181
---
Total network 16,041
---
Exchange Rate Data
We use the US dollar as our reporting currency, which provides more relevant information given the predominance of our operations in the United States.
The following table sets forth information about exchange rates based upon closing rates expressed as US dollars per comparative currency unit:
12-week periods 52-week periods
ended ended
April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018
Average
for
period
Canadian
dollar 0.7510 0.7840 0.7595 0.7826
Norwegian
krone 0.1165 0.1280 0.1195 0.1241
Swedish
krone 0.1077 0.1212 0.1108 0.1205
Danish
krone 0.1514 0.1654 0.1542 0.1587
Zloty 0.2627 0.2940 0.2675 0.2800
Euro 1.1298 1.2319 1.1499 1.1810
Ruble 0.0153 0.0171 0.0153 0.0172
Summary Analysis of Consolidated Results for the Fourth Quarter and Fiscal 2019
The following table highlights certain information regarding our operations for the 12 and 52-week periods ended April 28, 2019, and April 29, 2018. CAPL refers to CrossAmerica Partners LP.
12-week periods ended 52-week periods ended
(in millions of US
dollars, unless
otherwise stated) April 28,
April 29,
Variation April 28,
April 29, Variation %
2019 2018
% 2019 2018
Statement of Operations
Data:
Merchandise and service
revenues(1):
United States 2,469.9 2,403.1 2.8 10,781.8 9,432.0 14.3
Europe 343.3 361.3 (5.0) 1,457.8 1,413.9 3.1
Canada 485.8 453.2 7.2 2,172.7 2,053.5 5.8
CAPL 20.1 22.7 (11.5) 95.8 76.6 25.1
Elimination of
intercompany
transactions with CAPL (0.5) (100.0) (2.7) (100.0)
Total merchandise and
service revenues 3,318.6 3,240.3 2.4 14,505.4 12,976.0 11.8
Road transportation fuel
revenues:
United States 6,227.1 6,417.6 (3.0) 28,195.6 23,327.3 20.9
Europe 1,960.1 2,048.4 (4.3) 8,380.7 7,684.1 9.1
Canada 1,033.3 1,150.2 (10.2) 4,957.9 4,819.9 2.9
CAPL 436.3 516.8 (15.6) 2,211.8 1,547.6 42.9
Elimination of
intercompany
transactions with CAPL (80.0) (126.4) (36.7) (444.7) (262.4) 69.5
Total road transportation
fuel revenues 9,576.8 10,006.6 (4.3) 43,301.3 37,116.5 16.7
Other revenues(2):
United States 4.9 10.2 (52.0) 21.8 25.1 (13.1)
Europe 197.0 342.9 (42.5) 1,220.7 1,217.7 0.2
Canada 4.8 5.7 (15.8) 24.5 27.6 (11.2)
CAPL 15.5 14.4 7.6 61.2 47.6 28.6
Elimination of
intercompany
transactions with CAPL (4.3) (5.3) (18.9) (17.3) (16.1) 7.5
Total other revenues 217.9 367.9 (40.8) 1,310.9 1,301.9 0.7
Total revenues 13,113.3 13,614.8 (3.7) 59,117.6 51,394.4 15.0
Merchandise and service
gross profit(1):
United States 836.4 807.3 3.6 3,646.3 3,140.1 16.1
Europe 143.4 159.0 (9.8) 609.0 602.3 1.1
Canada 160.4 155.8 3.0 729.7 707.7 3.1
CAPL 4.9 5.0 (2.0) 23.3 18.6 25.3
Elimination of
intercompany
transactions with CAPL (0.4) (100.0) (2.3) (100.0)
Total merchandise and
service gross profit 1,144.7 1,127.1 1.6 5,006.0 4,468.7 12.0
Road transportation fuel
gross profit:
United States 450.0 435.2 3.4 2,471.5 1,868.1 32.3
Europe 226.0 260.8 (13.3) 981.1 1,024.2 (4.2)
Canada 82.5 100.5 (17.9) 392.8 424.9 (7.6)
CAPL 22.3 22.3 103.6 69.6 48.9
Total road transportation
fuel gross profit 780.8 818.8 (4.6) 3,949.0 3,386.8 16.6
Other revenues gross
profit(2):
United States 4.9 7.9 (38.0) 21.8 23.2 (6.0)
Europe 31.9 42.3 (24.6) 149.7 173.7 (13.8)
Canada 4.8 5.8 (17.2) 24.5 27.6 (11.2)
CAPL 15.5 14.4 7.6 61.2 47.6 28.6
Elimination of
intercompany
transactions with CAPL (4.3) (5.3) (18.9) (17.3) (16.1) 7.5
Total other revenues
gross profit 52.8 65.1 (18.9) 239.9 256.0 (6.3)
Total gross profit 1,978.3 2,011.0 (1.6) 9,194.9 8,111.5 13.4
Operating, selling,
administrative and
general expenses
Excluding CAPL 1,322.6 1,283.9 3.0 5,584.8 5,069.5 10.2
CAPL 21.6 22.6 (4.4) 80.5 67.8 18.7
Elimination of
intercompany
transactions with CAPL (4.7) (4.2) 11.9 (19.2) (12.5) 53.6
Total Operating, selling,
administrative and
general expenses 1,339.5 1,302.3 2.9 5,646.1 5,124.8 10.2
Restructuring costs
(including $6.5 million
for CAPL for the 52-week
period ended April 29,
2018) 56.9
2.6 6.9 (62.3) 10.5 (81.5)
Gain on disposal of
property and equipment
and other assets (15.5) (3.4) (355.9) (21.3) (17.7) 20.3
Depreciation,
amortization and
impairment of property
and equipment, goodwill,
intangible assets, and
other assets
Excluding CAPL 223.6 224.5 (0.4) 927.2 849.5 9.1
CAPL 17.9 16.3 9.8 143.5 61.1 134.9
Total depreciation,
amortization and
impairment of property
and equipment,
goodwill, intangible
assets, and other assets 240.8 910.6
241.5 0.3 1,070.7 17.6
Operating income
Excluding CAPL 407.1 463.8 (12.2) 2,534.0 2,040.9 24.2
CAPL 3.1 1.8 72.2 (44.7) (0.4) 11,075.0
Elimination of
intercompany
transactions with CAPL (1.2) (100.0) (0.4) (3.6) (88.9)
Total operating income 410.2 464.4 (11.7) 2,488.9 2,036.9 22.2
Net earnings including
non-controlling
interests 289.9 395.2 (26.6) 1,821.3 1,677.5 8.6
Net loss (earnings)
attributable to non-
controlling interests 3.2 (4.2) (176.2) 12.6 (6.9) (282.6)
Net earnings attributable
to shareholders of the
Corporation 293.1 391.0 (25.0) 1,833.9 1,670.6 9.8
Per Share Data:
Basic net earnings per
share (dollars per
share) 0.52 0.69 (24.6) 3.25 2.95 10.2
Diluted net earnings per
share (dollars per
share) 0.52 0.69 (24.6) 3.25 2.95 10.2
Adjusted diluted net
earnings per share
(dollars per share) 0.52 0.59 (11.9) 3.32 2.60 27.7
12-week periods ended 52-week periods ended
(in millions of US
dollars, unless
otherwise stated) April 28,
April 29,
Variation April 28,
April 29,
Variation
2019 2018
% 2019 2018
%
Other Operating Data -
excluding CAPL:
Merchandise and service
gross margin(1):
Consolidated 34.6% 34.9% (0.3) 34.6% 34.5% 0.1
United States 33.9% 33.6% 0.3 33.8% 33.3% 0.5
Europe 41.8% 44.0% (2.2) 41.8% 42.6% (0.8)
Canada 33.0% 34.4% (1.4) 33.6% 34.5% (0.9)
Growth of same-store
merchandise revenues(3):
United States(4) 3.4% 1.8% 4.1% 0.8%
Europe 4.7% 4.3% 4.8% 2.7%
Canada(4) 4.2% 3.6% 5.2% 0.4%
Road transportation fuel
gross margin:
United States (cents per
gallon)(4) 18.51 17.29 7.1 23.60 19.39 21.7
Europe (cents per liter) 8.28 8.72 (5.0) 8.61 8.72 (1.3)
Canada (CA cents per
liter)(4) 8.13 9.44 (13.9) 8.38 8.84 (5.2)
Total volume of road
transportation fuel
sold:
United States (millions
of gallons) 2,513.2 2,535.2 (0.9) 10,979.5 9,794.1 12.1
Europe (millions of
liters) 2,730.6 2,991.7 (8.7) 11,391.2 11,747.6 (3.0)
Canada (millions of
liters) 1,359.9 1,367.8 (0.6) 6,198.9 6,161.4 0.6
Growth of (decrease in)
same-store road
transportation fuel
volume:
United States(4) 0.3% (0.1%) 0.7% (0.4%)
Europe(4) (1.8%) 0.1% (0.9%)
Canada(4) (0.4%) (2.9%) (1.6%) (1.4%)
(in millions of US dollars,
unless otherwise stated) April 28, 2019
April 29, 2018 (12)
Variation $
Balance Sheet Data:
Total assets (including $1.1
billion and $1.3 billion for
CAPL as at April 28, 2019 and
as at
April 29,
2018, respectively) 22,607.7 23,156.7 (549.0)
Interest-bearing debt
(including $539.2 million and
$536.8 million for CAPL as at
April 28, 2019
and
as at April 29, 2018,
respectively) 6,951.4 8,906.7 (1,955.3)
Equity attributable to
shareholders of the
Corporation 8,923.2 7,560.4 1,362.8
Indebtedness Ratios(5):
Net interest-bearing debt/
total capitalization(6)
0.39 : 1
0.50 : 1
Leverage ratio(7)(11)
1.61 : 1
2.46 : 1
Adjusted leverage ratio(8)(11)
2.29 : 1
3.13 : 1
Returns(5):
Return on equity(9)(11) 22.3% 24.8%
Return on capital
employed(10)(11) 14.1% 12.0%
---
(1) Includes revenues derived from
franchise fees, royalties,
suppliers rebates on some
purchases made by franchisees and
licensees, as well as from
wholesale of merchandise.
(2) Includes revenues from the rental
of assets and from the sale of
aviation fuel, energy for
stationary engines and marine fuel
(until November 30, 2018).
(3) Does not include services and other
revenues (as described in
footnotes 1 and 2 above). Growth
in Canada and in Europe is
calculated based on local
currencies.
(4) For company-operated stores only.
(5) These measures are presented as if
our investment in CAPL was
reported using the equity method
as we believe it allows a more
relevant presentation of the
underlying performance of the
Corporation.
(6) This measure is presented for
information purposes only and
represents a measure of financial
condition used especially in
financial circles. It represents
the following calculation:
long?term interest-bearing debt,
net of cash and cash equivalents
and temporary investments divided
by the addition of shareholders'
equity and long-term debt, net of
cash and cash equivalents and
temporary investments. It does not
have a standardized meaning
prescribed by IFRS and therefore
may not be comparable to similar
measures presented by other public
corporations. For the purpose of
this calculation, CAPL's long-
term debt is excluded as it is a
non-recourse debt to the
Corporation, as referenced in
footnote 5. We believe this ratio
is useful to investors and
analysts.
(7) This measure is presented for
information purposes only and
represents a measure of financial
condition used especially in
financial circles. It represents
the following calculation:
long?term interest-bearing debt,
net of cash and cash equivalents
and temporary investments divided
by EBITDA (Earnings before
Interest, Tax, Depreciation,
Amortization and Impairment)
adjusted for specific items. It
does not have a standardized
meaning prescribed by IFRS and
therefore may not be comparable to
similar measures presented by
other public corporations. For the
purpose of this calculation,
CAPL's long-term debt is excluded
as it is a non-recourse debt to
the Corporation, as referenced in
footnote 5. We believe this ratio
is useful to investors and
analysts.
(8) This measure is presented for
information purposes only and
represents a measure of financial
condition used especially in
financial circles. It represents
the following calculation:
long?term interest-bearing debt
plus the product of eight times
rent expense, net of cash and cash
equivalents and temporary
investments divided by EBITDAR
(Earnings before Interest, Tax,
Depreciation, Amortization,
Impairment and Rent expense)
adjusted for specific items. It
does not have a standardized
meaning prescribed by IFRS and
therefore may not be comparable to
similar measures presented by
other public corporations. For the
purpose of this calculation,
CAPL's long-term debt is excluded
as it is a non-recourse debt to
the Corporation, as referenced in
footnote 5. We believe this
measure is useful to investors and
analysts.
(9) This measure is presented for
information purposes only and
represents a measure of
performance used especially in
financial circles. It represents
the following calculation: net
earnings divided by average equity
for the corresponding period. It
does not have a standardized
meaning prescribed by IFRS and
therefore may not be comparable to
similar measures presented by
other public corporations. We
believe this measure is useful to
investors and analysts.
(10) This measure is presented for
information purposes only and
represents a measure of
performance used especially in
financial circles. It represents
the following calculation:
earnings before income taxes and
interests divided by average
capital employed for the
corresponding period. Capital
employed represents total assets
less short-term liabilities not
bearing interests. It does not
have a standardized meaning
prescribed by IFRS and therefore
may not be comparable to similar
measures presented by other public
corporations. We believe this
measure is useful to investors and
analysts.
(11) As at April 29, 2018, these
measures are presented for the
52-week period ended April 29,
2018, on a pro forma basis for the
acquisitions of CST and Holiday.
CST's and Holiday's historical
earnings and balance sheet figures
have been adjusted to make their
presentation in line with our
policies.
(12) The information as at April 29,
2018, has been adjusted based on
the fair value of the assets
acquired, the liabilities assumed
and the goodwill for the Holiday
acquisition.
Revenues
Our revenues were $13.1 billion for the fourth quarter of fiscal 2019, down by $501.5 million, a decrease of 3.7% compared with the corresponding quarter of fiscal 2018, mainly attributable to the net negative impact from the translation of revenues of our Canadian and European operations into US dollars, the one-time sale of Compulsory Stock Obligation ("CSO") inventory in Sweden in the fourth quarter of fiscal 2018, lower revenues in our wholesale business and lower other revenues, partly offset by a net higher average road transportation fuel selling price, and by organic growth.
For fiscal 2019, our revenues increased by $7.7 billion or 15.0% compared with fiscal 2018, mainly attributable to the contribution from acquisitions, to a higher average road transportation fuel selling price and to organic growth, partly offset by the net negative impact from the translation of revenues of our Canadian and European operations into US dollars.
Merchandise and service revenues
Total merchandise and service revenues for the fourth quarter of fiscal 2019 were $3.3 billion, an increase of $78.3 million compared with the corresponding quarter of fiscal 2018. Excluding CAPL's revenues, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, merchandise and service revenues increased by approximately $133.0 million or 4.1%. This increase is primarily attributable to continued strong organic growth. Same-store merchandise revenues increased by 3.4% in the United States, by 4.7% in Europe and by 4.2% in Canada, driven by the success of our rebranding activities, improvements made to our offering, as well as by our various initiatives to drive traffic in our stores.
For fiscal 2019, the growth in merchandise and service revenues was $1.5 billion. Excluding CAPL's revenues, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, merchandise and service revenues increased by $1.6 billion or 12.7%. This increase is primarily attributable to the contribution from acquisitions, which amounted to approximately $1.0 billion, as well as to organic growth. Same-store merchandise revenues increased by 4.1% in the United States, by 4.8% in Europe and by 5.2% in Canada.
Road transportation fuel revenues
Total road transportation fuel revenues for the fourth quarter of fiscal 2019 were $9.6 billion, a decrease of $429.8 million compared with the corresponding quarter of fiscal 2018. Excluding CAPL's revenues, as well as the net negative impact from the translation of revenues of our Canadian and European operations into US dollars, road transportation fuel revenues decreased by approximately $153.0 million or 1.6%. This decrease is attributable to the one-time sale of CSO inventory in Sweden in the fourth quarter of fiscal 2018 and to lower revenues in our wholesale business, partly offset by a net higher average road transportation fuel selling price, which had a positive impact of approximately $111.0 million. Same?store road transportation fuel volume in the United States increased by 0.3%, despite major fuel shortages in Arizona and Texas. In Europe, same?store road transportation fuel volume decreased by 1.8% due to the competitive landscape in the Baltics and unfavorable weather in Scandinavia. In Canada, although same?store road transportation fuel volume decreased by 0.4%, this is a sequential improvement driven by the momentum of the new loyalty program in our Esso stores.
For fiscal 2019, the growth in road transportation fuel revenues was $6.2 billion. Excluding CAPL's revenues, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, road transportation fuel revenues increased by $6.2 billion or 17.4%. This increase is attributable to the impact of a higher average road transportation fuel selling price, which had a positive impact of approximately $3.5 billion, as well as to the contribution from acquisitions, which amounted to approximately $3.1 billion, partly offset by lower revenues in our wholesale business. Same-store road transportation fuel volume increased by 0.7% in the United States, while it decreased by 0.9% in Europe and by 1.6% in Canada, strongly impacted at the beginning of the year by the transition to a new loyalty program in our Esso stores.
The following table shows the average selling price of road transportation fuel of our company-operated stores in our various markets for the last eight quarters, starting with the first quarter of the fiscal year ended April 29, 2018:
Quarter
1st
2nd
3rd
4th
Weighted
average
---
52?week period
ended April
28, 2019
---
United States
(US dollars
per gallon) -
excluding
CAPL 2.76 2.72 2.42 2.51 2.60
Europe (US
cents per
liter) 75.07 80.56 75.28 74.59 76.32
Canada (CA
cents per
liter) 117.95 115.22 97.59 103.45 107.82
---
52?week period
ended April
29, 2018
---
United States
(US dollars
per gallon) -
excluding
CAPL 2.21 2.47 2.30 2.51 2.37
Europe (US
cents per
liter) 61.39 68.23 71.19 78.32 70.52
Canada (CA
cents per
liter) 99.81 101.46 108.11 110.39 102.85
Other revenues
Total other revenues for the fourth quarter of fiscal 2019 were $217.9 million, a decrease of $150.0 million compared with the corresponding period of fiscal 2018. Excluding CAPL's revenues, other revenues decreased by $152.1 million in the fourth quarter of fiscal 2019. The decrease is primarily driven by the disposal of our marine fuel business during the third quarter of fiscal 2019, which had an impact of approximately $92.0 million, and by the decrease in other fuel products demand, partly offset by an increase in other fuel products average selling price.
Total other revenues for fiscal 2019 were $1.3 billion, an increase of $9.0 million compared with fiscal 2018. Excluding CAPL's revenues, other revenues decreased by $3.4 million in fiscal 2019. The decrease is primarily driven by the disposal of our marine fuel business, partly offset by an increase in other fuel products average selling price.
Gross profit
Our gross profit was $2.0 billion for the fourth quarter of fiscal 2019, down by $32.7 million, or 1.6% compared with the corresponding quarter of fiscal 2018, mainly attributable to the net negative impact from the translation of our Canadian and European operations into US dollars, which totalled approximately $54.0 million, partly offset by organic growth.
For fiscal 2019, our gross profit was $9.2 billion, up by $1.1 billion, or 13.4% compared with fiscal 2018, mainly attributable to the contribution from acquisitions, to higher fuel margins in the U.S. and to organic growth, partly offset by the net negative impact from the translation of our Canadian and European operations into US dollars.
Merchandise and service gross profit
In the fourth quarter of fiscal 2019, our merchandise and service gross profit was $1.1 billion, an increase of $17.6 million compared with the corresponding quarter of fiscal 2018. Excluding CAPL's gross profit, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, merchandise and service gross profit increased by approximately $39.0 million or 3.5%, mainly attributable to our organic growth. Our gross margin increased by 0.3% in the United States to 33.9%, and decreased by 2.2% in Europe to 41.8%, due to a different product mix. In Canada, our gross margin decreased by 1.4% to 33.0%, mainly as a result of the conversion of our Esso stores from the agent model to the corporate model.
During fiscal 2019, our merchandise and service gross profit was $5.0 billion, an increase of $537.3 million compared with fiscal 2018. Excluding CAPL's gross profit, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, merchandise and service gross profit increased by approximately $583.0 million or 13.1%. The gross margin was 33.8% in the United States, an increase of 0.5%, 41.8% in Europe, a decrease of 0.8%, while in Canada the gross margin was 33.6%, a decrease of 0.9%.
Road transportation fuel gross profit
In the fourth quarter of fiscal 2019, our road transportation fuel gross profit was $780.8 million, a decrease of $38.0 million compared with the corresponding quarter of fiscal 2018. Excluding CAPL's gross profit, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, our fourth quarter of fiscal 2019 road transportation fuel gross profit decreased by approximately $9.0 million or 1.2%. Our road transportation fuel gross margin was 18.51¢ per gallon in the United States, an increase of 1.22¢ per gallon. In Europe, the road transportation fuel gross margin was US 8.28¢ per liter, a decrease of US 0.44¢ per liter, negatively impacted by last year's sale of CSO inventory in Sweden, while in Canada, the road transportation fuel gross margin was CA 8.13¢ per liter, a decrease of CA 1.31¢ per liter due to competitive pressure in some of our markets and to the impact of the newly implemented carbon tax in some regions.
During fiscal 2019, our road transportation fuel gross profit was $3.9 billion, an increase of $562.2 million compared with fiscal 2018. Excluding CAPL's gross profit, as well as the net negative impact from the translation of our Canadian and European operations into US dollars, road transportation fuel gross profit increased by approximately $586.0 million or 17.7%, as a result of acquisitions and higher fuel margins. The road transportation fuel gross margin was 23.60¢ per gallon in the United States, US 8.61¢ per liter in Europe, and CA 8.38¢ per liter in Canada.
The road transportation fuel gross margin of our company-operated stores in the United States and the impact of expenses related to electronic payment modes for the last eight quarters, starting with the first quarter of the fiscal year ended April 29, 2018, were as follows:
(US cents per
gallon)
Quarter
1st
2nd
3rd
4th
Weighted
average
---
52?week period
ended April 28,
2019
Before deduction
of expenses
related to
electronic
payment modes 22.70 21.88 29.42 18.51 23.60
Expenses related
to electronic
payment modes 4.21 4.10 3.92 4.40 4.10
After deduction of
expenses related
to electronic
payment modes 18.49 17.78 25.50 14.11 19.50
---
52-week period
ended April 29,
2018
Before deduction
of expenses
related to
electronic
payment modes 20.75 24.70 15.66 17.29 19.39
Expenses related
to electronic
payment modes 3.79 4.21 3.73 3.62 3.82
After deduction of
expenses related
to electronic
payment modes 16.96 20.49 11.93 13.67 15.57
---
As demonstrated by the table above, road transportation fuel margins in the United States can be volatile from one quarter to another but tend to be relatively stable over longer periods. Margin volatility and expenses related to electronic payment modes are not as significant in Europe and Canada.
Other revenues gross profit
In the fourth quarter and fiscal 2019, other revenues gross profit was $52.8 million and $239.9 million, respectively, a decrease of $12.3 million and $16.1 million compared with the corresponding periods of fiscal 2018, respectively. Excluding CAPL's gross profit, other revenues gross profit decreased by $14.4 million and $28.5 million in the fourth quarter and fiscal 2019, respectively. The decrease is primarily driven by lower demand and increased costs for other fuel products, as well as the disposal of our marine fuel business, which had an impact of approximately $3.0 million on the fourth quarter and fiscal 2019.
Operating, selling, administrative and general expenses ("expenses")
For the fourth quarter and fiscal 2019, expenses increased by 2.9% and 10.2%, respectively, compared with the corresponding periods of fiscal 2018, but increased by 5.0% and 3.7%, respectively, if we exclude certain items that are not considered indicative of future trends:
12-week period ended 52-week period ended
April 28, 2019 April 28, 2019
Total variance, as
reported 2.9% 10.2%
---
Adjusted for:
Decrease from the net
impact of foreign
exchange translation 2.5% 1.4%
Increase from higher
electronic payment fees,
excluding acquisitions (0.6%) (0.9%)
Acquisition costs
recognized to earnings of
fiscal 2018 0.1% 0.2%
Decrease (increase) in
CAPL's expenses 0.1% (0.2%)
Increase from incremental
expenses related to
acquisitions (6.4%)
Increase from settlements
and reserves adjustments
for specific elements
recognized to earnings (0.6%)
of
fiscal
2019(1)
Incremental costs from our
global brand initiatives
recognized to earnings of
fiscal 2018 0.1%
Additional costs incurred
following Hurricanes
Harvey and Irma
recognized to earnings of
fiscal 2018 0.1%
Negative goodwill
recognized to earnings of
fiscal 2018 (0.1%)
Compensatory payment to
CAPL for divestiture of
assets recognized to
earnings of fiscal 2019 (0.1%)
---
Remaining variance 5.0% 3.7%
===
(1) During fiscal 2019, we
settled various claims and
adjusted our reserves in
connection with specific
events of the year, which
had a pre-tax negative
impact of $24.2 million on
our earnings.
Excluding the conversion of our Esso stores from the agent model to the corporate model, as well as the impact from changes in some assumptions driven by external factors included in the calculation of our provisions, the remaining variance for the fourth quarter and fiscal 2019 would have been 3.6% and 3.4%, respectively. Growth in expenses, amongst other items, was driven by normal inflation, higher minimum wages in certain regions and higher marketing expenses to support our strategy. We continue to rigorously focus on controlling costs throughout our organization, while ensuring we maintain the quality of service we offer to our customers.
Earnings before interest, taxes, depreciation, amortization and impairment (EBITDA) and adjusted EBITDA
During the fourth quarter of fiscal 2019, EBITDA decreased from $711.1 million to $655.3 million, a decrease of 7.8% compared with the same quarter last year. Excluding the specific items shown in the table below from EBITDA of the fourth quarter of fiscal 2019 and of the corresponding period of fiscal 2018, the adjusted EBITDA for the fourth quarter of fiscal 2019 decreased by $61.3 million or 8.7% compared with the corresponding period of the previous fiscal year, driven by increase in expenses, due to the higher level of initiatives throughout the organization, and the net negative impact from the translation of our Canadian and European operations into US dollars, partly offset by organic growth. The variation in exchange rates had a net negative impact of approximately $21.0 million.
During fiscal 2019, EBITDA increased from $3.0 billion to $3.6 billion, a growth of 20.3%. Excluding the specific items shown in the table below from EBITDA of fiscal 2019 and fiscal 2018, the adjusted EBITDA for fiscal 2019 increased by $540.0 million or 18.1%, mainly through the contribution of higher fuel margins in the U.S., acquisitions and organic growth, partly offset by a higher level of expenses, and the net negative impact from the translation of our Canadian and European operations into US dollars. Acquisitions contributed approximately $269.0 million to the adjusted EBITDA of fiscal 2019, while the variation in exchange rates had a net negative impact of approximately $45.0 million.
It should be noted that EBITDA and adjusted EBITDA are not performance measures defined by IFRS, but we, as well as investors and analysts, consider that those performance measures facilitate the evaluation of our ongoing operations and our ability to generate cash flows to fund our cash requirements, including our capital expenditures program and payment of dividends. Note that our definition of these measures may differ from the one used by other public corporations.
12-week periods ended 52-week periods ended
(in millions of US
dollars) April 28, 2019
April 29, 2018 April 28, 2019
April 29, 2018
---
Net earnings including
non-controlling
interests, as reported 289.9 395.2 1,821.3 1,677.5
---
Add:
Income taxes 45.3 (0.5) 370.9 56.1
Net financial expenses 78.6 75.6 320.1 335.3
Depreciation, amortization
and impairment of
property and equipment,
goodwill, intangible
assets, and other assets 240.8 910.6
241.5 1,070.7
---
EBITDA 655.3 711.1 3,583.0 2,979.5
---
Adjusted for:
EBITDA attributable to
non-controlling
interests (16.2) (15.5) (77.5) (49.5)
Restructuring costs
attributable to
shareholders of the
Corporation 2.6 6.9 10.5 51.7
Acquisition costs 0.4 0.9 2.2 11.8
Compensatory payment to
CAPL for divestiture of
assets, net of non-
controlling interests 5.0
Gain on the disposal of
the marine fuel business (3.2)
Gain on disposal of a
terminal (11.5)
Gain on investment in CST (8.8)
Incremental costs related
to hurricanes 6.6
Incremental costs from our
global brand initiatives 3.0
Negative goodwill (2.8)
---
Adjusted EBITDA 642.1 703.4 3,520.0 2,980.0
===
Depreciation, amortization and impairment of property and equipment, goodwill, intangible assets, and other assets ("depreciation")
For the fourth quarter of fiscal 2019, our depreciation expense increased by $0.7 million and decreased by $0.9 million, when excluding CAPL's results.
For fiscal 2019, our depreciation expense increased by $160.1 million, including the $55.0 million impairment charge on CAPL's goodwill recorded in the first quarter of fiscal 2019. Excluding CAPL's results, the depreciation expense increased by $77.7 million for fiscal 2019, mainly driven by the contribution from acquisitions, the replacement of equipment, the addition of new stores and the ongoing improvement of our network.
Net financial expenses
Net financial expenses for the fourth quarter of fiscal 2019 were $78.6 million, an increase of $3.0 million compared with the fourth quarter of fiscal 2018. Excluding the items shown in the table below, net financial expenses increased by $2.9 million.
Net financial expenses for fiscal 2019 were $320.1 million, a decrease of $15.2 million compared with fiscal 2018. Excluding the items shown in the table below, net financial expenses increased by $28.6 million, mainly attributable to our higher average long-term debt in connection with our recent acquisitions, partly offset by the repayments made.
12-week 52-week periods
periods ended
ended
(in
millions
of
US
dollars) April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018
---
Net
financial
expenses,
as
reported 78.6 75.6 320.1 335.3
---
Adjusted
for:
Net
foreign
exchange
gain
(loss) 1.1 (1.0) 5.3 (48.4)
CAPL's
financial
expenses (7.7) (5.5) (29.3) (19.4)
---
Net
financial
expenses
excluding
items
above 72.0 69.1 296.1 267.5
===
Income taxes
The income tax rate for the fourth quarter of fiscal 2019 was 13.5% compared with 17.5% for the corresponding period of fiscal 2018, when excluding the net tax benefit of $69.7 million stemming from the finalization of the impact analysis of the "U.S. Tax Cuts and Jobs Act" of the fourth quarter of fiscal 2018. The decrease of the income tax rate of the fourth quarter of fiscal 2019 stems from the impact of a different mix in our earnings across the various jurisdictions.
For fiscal 2019, the income tax rate was 16.9% compared with 20.6% for fiscal 2018, when excluding the net tax benefit of $288.3 million stemming from the "U.S. Tax Cuts and Jobs Act", as well as an adjustment for a tax benefit stemming from an internal reorganization of fiscal 2018. The income tax rate for fiscal 2019 includes a net tax benefit of $6.2 million derived from the evaluation of our deferred income tax balances following the decrease of the statutory income tax rate in Sweden. Excluding this adjustment, the income tax rate would have been 17.2% for fiscal 2019, a decrease compared to fiscal 2018, stemming from a lower statutory income tax rate in the U.S., as well as from the impact of a different mix in our earnings across the various jurisdictions.
Net earnings attributable to shareholders of the Corporation ("net earnings") and adjusted net earnings attributable to shareholders of the Corporation ("adjusted net earnings")
Net earnings for the fourth quarter of fiscal 2019 were $293.1 million, compared with $391.0 million for the fourth quarter of the previous fiscal year, a decrease of $97.9 million or 25.0%. Diluted net earnings per share stood at $0.52, compared with $0.69 for the previous year. The translation of revenues and expenses from our Canadian and European operations into US dollars had a net negative impact of approximately $14.0 million on net earnings of the fourth quarter of fiscal 2019.
Excluding the items shown in the table below from net earnings of the fourth quarter of fiscal 2019 and fiscal 2018, adjusted net earnings for the fourth quarter of fiscal 2019 would have been approximately $295.0 million, compared with $335.0 million for the fourth quarter of fiscal 2018, a decrease of $40.0 million or 11.9%. Adjusted diluted net earnings per share would have remained at $0.52 for the fourth quarter of fiscal 2019 compared with $0.59 for the corresponding period of fiscal 2018, a decrease of 11.9%.
For fiscal 2019, net earnings were $1.8 billion, compared with $1.7 billion for fiscal 2018, an increase of $163.3 million or 9.8%. Diluted net earnings per share stood at $3.25, compared with $2.95 for the previous year. The translation of revenues and expenses from our Canadian and European operations into US dollars had a net negative impact of approximately $30.0 million on net earnings of fiscal 2019.
Excluding the items shown in the table below from net earnings of fiscal 2019 and fiscal 2018, adjusted net earnings for fiscal 2019 would have been approximately $1.9 billion, compared with $1.5 billion for fiscal 2018, an increase of $402.0 million or 27.3%. Adjusted diluted net earnings per share would have been $3.32 for fiscal 2019, compared with $2.60 for fiscal 2018, an increase of 27.7%.
The table below reconciles reported net earnings to adjusted net earnings:
12-week periods 52-week periods
ended ended
(in millions of US
dollars) April 28, 2019 April 29, 2018 April 28, 2019 April 29, 2018
---
Net earnings attributable
to shareholders of the
Corporation, as reported 293.1 391.0 1,833.9 1,670.6
---
Adjusted for:
Restructuring costs
attributable to
shareholders of the
Corporation 2.6 6.9 10.5 51.7
Net foreign exchange
(gain) loss (1.1) 1.0 (5.3) 48.4
Acquisition costs 0.4 0.9 2.2 11.8
Impairment charge on
CAPL's goodwill 55.0
Tax benefit stemming from
the decrease of the
statutory income tax rate
in Sweden (6.2)
Compensatory payment to
CAPL for divestiture of
assets, net of non-
controlling interests 5.0
Gain on the disposal of
the marine fuel business (3.2)
Tax benefit stemming from
the "U.S. Tax Cuts and
Jobs Act" attributable to
shareholders of the
Corporation (65.6) (270.1)
Accelerated depreciation
and amortization expense 4.5 19.0
Tax benefit stemming from
an internal
reorganization (13.4)
Gain on disposal of a
terminal (11.5)
Gain on investment in CST (8.8)
Incremental costs related
to hurricanes 6.6
Incremental costs from our
global brand initiatives 3.0
Negative goodwill (2.8)
Tax impact of the items
above and rounding (3.7) (17.9) (32.5)
---
Adjusted net earnings
attributable to
shareholders of the
Corporation 295.0 335.0 1,874.0 1,472.0
===
It should be noted that adjusted net earnings is not a performance measure defined by IFRS, but we, as well as investors and analysts, consider this measure useful for evaluating the underlying performance of our operations on a comparable basis. Note that our definition of this measure may differ from the one used by other public corporations.
Dividends
During its July 9, 2019 meeting, the Board of Directors declared a quarterly dividend of CA 12.5¢ per share for the fourth quarter of fiscal 2019 to shareholders on record as at July 18, 2019, and approved its payment for August 1, 2019. This is an eligible dividend within the meaning of the Income Tax Act (Canada).
For fiscal 2019, the Board declared total dividends of CA 45.0¢ per share, an increase of 21.6% compared with fiscal 2018.
Profile
Couche-Tard is the leader in the Canadian convenience store industry. In the United States, it is the largest independent convenience store operator in terms of the number of company-operated stores. In Europe, Couche-Tard is a leader in convenience store and road transportation fuel retail in the Scandinavian countries (Norway, Sweden and Denmark), in the Baltic countries (Estonia, Latvia and Lithuania), as well as in Ireland, and has an important presence in Poland.
As of April 28, 2019, Couche-Tard's network comprised 9,866 convenience stores throughout North America, including 8,629 stores with road transportation fuel dispensing. Its North American network consists of 19 business units, including 15 in the United States covering 48 states and 4 in Canada covering all 10 provinces. Approximately 109,000 people are employed throughout its network and at its service offices in North America. In addition, through CrossAmerica Partners LP, Couche-Tard supplies road transportation fuel under various brands to approximately 1,300 locations in the United States.
In Europe, Couche-Tard operates a broad retail network across Scandinavia, Ireland, Poland, the Baltics and Russia through ten business units. As of April 28, 2019, Couche-Tard's network comprised 2,709 stores, the majority of which offer road transportation fuel and convenience products while the others are unmanned automated fuel stations which only offer road transportation fuel. Couche-Tard also offers other products, including aviation fuel and energy for stationary engines. Including employees at branded franchise stores, approximately 24,000 people work in its retail network, terminals and service offices across Europe.
In addition, under licensing agreements, more than 2,150 stores are operated under the Circle K banner in 15 other countries and territories (Cambodia, China, Costa Rica, Egypt, Guam, Honduras, Hong Kong, Indonesia, Macau, Mexico, Mongolia, New Zealand, Saudi Arabia, the United Arab Emirates and Vietnam), which brings the worldwide total network to more than 16,000 stores.
For more information on Alimentation Couche-Tard Inc. or to consult its quarterly Consolidated Financial Statements and Management Discussion and Analysis, please visit: https://corpo.couche?tard.com.
The statements set forth in this press release, which describes Couche-Tard's objectives, projections, estimates, expectations or forecasts, may constitute forward?looking statements within the meaning of securities legislation. Positive or negative verbs such as "believe", "can", "shall", "intend", "expect", "estimate", "assume" and other related expressions are used to identify such statements. Couche-Tard would like to point out that, by their very nature, forward-looking statements involve risks and uncertainties such that its results, or the measures it adopts, could differ materially from those indicated in or underlying these statements, or could have an impact on the degree of realization of a particular projection. Major factors that may lead to a material difference between Couche?Tard's actual results and the projections or expectations set forth in the forward-looking statements include the effects of the integration of acquired businesses and the ability to achieve projected synergies, fluctuations in margins on motor fuel sales, competition in the convenience store and retail motor fuel industries, exchange rate variations, and such other risks as described in detail from time to time in the reports filed by Couche-Tard with securities authorities in Canada and the United States. Unless otherwise required by applicable securities laws, Couche-Tard disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking information in this release is based on information available as of the date of the release.
Webcast on July 10, 2019, at 8:00 A.M. (EDT)
Couche-Tard invites analysts known to the Corporation to send their two questions to its management before 7:00 P.M. (EDT) on July 9, 2019.
Financial analysts, investors, media and any individuals interested in listening to the webcast on Couche-Tard's results which will take place online on July 10, 2019, at 8:00 A.M. (EDT) can do so by either accessing the Corporation's website at https://corpo.couche?tard.com and by clicking in the "Investor Relations/Corporate presentations" section or by dialing 1?866?865-3087, followed by the access code 7875165#.
Rebroadcast: For individuals who will not be able to listen to the live webcast, a recording of the webcast will be available on the Corporation's website for a period of 90 days.
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SOURCE Alimentation Couche-Tard Inc.
