Results of the fourth quarter and fiscal 2024 included one less week compared with the fourth quarter and fiscal 2023. All quarterly and annual same-store information is presented on a comparable basis of 12 and 52 weeks, respectively. Fourth Quarter of fiscal 2024 Net earnings attributable to shareholders of the Corporation were $453.0 million, or $0.47 per diluted share for the fourth quarter of fiscal 2024 compared with $670.7 million, or $0.68 per diluted share for the fourth quarter of fiscal 2023. Adjusted net earnings attributable to shareholders of the Corporation1 were approximately $461.0 million compared with $698.0 million for the fourth quarter of fiscal 2023. Adjusted diluted net earnings per share1 were $0.48, representing a decrease of 32.4% from $0.71 for the corresponding quarter of last year, impacted by lower road transportation fuel gross margin1 in the United States, the impact of one less week in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and the impact of the Corporation's investments and business acquisitions on depreciation and financial expenses. Total merchandise and service revenues of $4.1 billion, a decrease of 1.7%. Same-store merchandise revenues2 decreased by 0.5% in the United States, by 2.0% in Europe and other regions1, and by 3.4% in Canada, all impacted by constraints on discretionary spending due to challenging economic conditions for low income consumers. Merchandise and service gross margin1 remained stable in the United States at 34.1%, decreased by 1.7% in Europe and other regions to 39.2%, mainly due to the integration of certain European retail assets from TotalEnergies SE, which have a different product mix than the operations in Europe and other regions, and increased by 0.8% in Canada to 34.9%. Same-store road transportation fuel volumes decreased by 1.6% in the United States, by 1.7% in Europe and other regions, and by 3.5% in Canada. Fuel demand remained unfavorably impacted by challenging economic conditions. Road transportation fuel gross margin1 of 38.79¢ per gallon in the United States, a decrease of 6.55¢ per gallon, US 8.30¢ per liter in Europe and other regions, a decrease of US 2.30¢ per liter, and CA 13.68¢ per liter in Canada, an increase of CA 1.55¢ per liter. Road transportation fuel gross margins1 experienced a decline in the first half of the quarter, primarily due to reduced volatility in road transportation fuel prices, but returned to a more usual level towards the end of the quarter. Growth of expenses for the fourth quarter of fiscal 2024 was 1.7%, while normalized decrease in expenses1 was 7.1%, as disciplined cost control more than compensated the inflationary pressures, even when factoring in the estimated impact of the additional week in the fourth quarter of fiscal 2023. ______________________________________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS® Accounting Standards. 2 This measure represents the growth of (decrease in) cumulative merchandise revenues between the current period and comparative period for those stores that were open for at least 23 days out of every 28-day period included in the reported periods. Merchandise revenues are defined as Merchandise and service revenues excluding service revenues. Fiscal Year 2024 Net earnings per diluted share of $2.82 compared with $3.06 for fiscal 2023, a decrease of 7.8%, while adjusted diluted net earnings per share1 were $2.81 compared with $3.12 for fiscal 2023, a decrease of 9.9%. Strong network growth with the addition of 2,175 sites from TotalEnergies SE in Europe, for a total cash consideration of approximately €3.4 billion ($3.8 billion), 112 sites from MAPCO in the United States, for a total cash consideration of $468.7 million as well as with the introduction of 76 new corporate stores. Successful issuance of US-dollar-denominated senior unsecured notes of $1.5 billion, Euro-denominated senior unsecured notes of €1.35 billion ($1.45 billion) and Canadian-dollar-denominated senior unsecured notes of CA $1.3 billion ($1.0 billion). During the fourth quarter and fiscal 2024, the Corporation repurchased shares for amounts of $295.2 million and $1.4 billion, respectively, for a total of 26.6 million shares repurchased under the program ended April 30, 2024. On April 26, 2024, the Corporation renewed its share repurchase program, which allows it to repurchase up to 10.0% of the shares outstanding as at April 18, 2024. Increase in the annual dividend declared for fiscal 2024 of 25.5%, from CA 53.00¢ to CA 66.50¢. LAVAL, QC, June 25, 2024 /CNW/ - For its fourth quarter ended April 28, 2024, Alimentation Couche-Tard Inc. ("Couche-Tard" or the "Corporation") (TSX:ATD) announces net earnings attributable to shareholders of the Corporation of $453.0 million, representing $0.47 per share on a diluted basis, compared with $670.7 million for the corresponding quarter of fiscal 2023, representing $0.68 per share on a diluted basis. The results for the fourth quarter of fiscal 2024 were affected by a pre-tax net foreign exchange loss of $5.2 million, and by pre-tax acquisition costs of $4.8 million. The results for the comparable quarter of fiscal 2023 were affected by a pre-tax loss on convertible promissory notes recorded at fair value through earnings or loss prior to their maturity of $26.4 million, pre-tax acquisition costs of $4.5 million, as well as by a pre-tax net foreign exchange gain of $0.4 million. Excluding these items, the adjusted net earnings attributable to shareholders of the Corporation1 were approximately $461.0 million, or 0.48 per share on a diluted basis for the fourth quarter of fiscal 2024, compared with $698.0 million, or $0.71 per share on a diluted basis for the corresponding quarter of fiscal 2023, a decrease of 32.4% in the adjusted diluted net earnings per share1. This decrease is primarily driven by lower road transportation fuel gross margin1 in the United States, the impact of one less week in the fourth quarter of fiscal 2024 compared with the fourth quarter of fiscal 2023, and the impact of the Corporation's 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. All financial information presented is in US dollars unless stated otherwise. ____________________________________ 1 Please refer to the "Non-IFRS Accounting Standards Measures" section for additional information on performance measures not defined by IFRS® Accounting Standards. "No doubt, this has been a challenging quarter with persistent inflation and continued pressure on consumers who are carefully watching their spending. However, we remain very optimistic about our business. Even with recent setbacks in same-store sales, overall they have steadily grown globally over the past two years with a two-year stack for the quarter in the United States of 2.8%. On the fuel side, we continue to strengthen our leadership position across most of our markets, and our margins remain healthy. We are also proud that our focus has consistently remained on providing everyday value and ease for our customers and leveraging the competitive advantages of our global scale and diversified business to take market shares and drive long-term growth," said Brian Hannasch, President and Chief Executive Officer of Alimentation Couche-Tard. "During this difficult year for many consumers, we are committed to helping our global customers. This includes improving and expanding our Inner Circle membership program in the United States, which currently has over 6.3 million fully enrolled customers receiving personalized fuel and convenience offers. We have launched summer drink campaigns across the network with exclusive offers providing compelling price points and driving traffic to our locations. We have also enhanced the customer experience through improved operational excellence and training of our store team members. This has led to us being recognized as a Gallup Exceptional Workplace for the third time in a row, which is a testament to our highly engaged teams making it a little easier for our customers," concluded Brian Hannasch. Filipe Da Silva, Chief Financial Officer, added: "This past year has underscored our dedication to financial discipline, evidenced by a remarkable 1.1% normalized reduction in operating expenses compared to last year. Even when accounting for fiscal 2023's additional week, our operating expenses remained below the weighted average inflation observed in our network. These savings were achieved through targeted enhancements in labor efficiency and stringent cost management, which have effectively protected us from the impacts of inflation, rising minimum wages, and costs associated with our strategic investments. Furthermore, we have expanded the scope of our centralized back-office operations to encompass additional functions. This expansion is strategically tailored to streamline our cost structure, leverage our scale, and improve service quality. Looking ahead, our focus will be on refining our operating model to eliminate redundant efforts, unlock additional value, and expedite processes through better utilization of our global scale. Following the close of the fiscal year, we renewed our share repurchase program, now authorized to buy back more than 78.1 million common shares, representing 10.0% of our public float. This tactical action highlights our continued firm commitment to returning capital to our shareholders." Significant Items of the Fourth Quarter of Fiscal 2024 On February 12, 2024, we issued US-dollar-denominated senior unsecured notes totaling $1.5 billion, consisting of a $900.0 million tranche with a coupon rate of 5.27% and maturing in 2034, as well as a $600.0 million tranche with a coupon rate of 5.62% and maturing in 2054. We also issued Euro-denominated senior unsecured notes totaling €1.35 billion ($1.45 billion), consisting of a €700.0 million ($754.0 million) tranche with a coupon rate of 3.65% and maturing in 2031, as well as a €650.0 million ($700.2 million) tranche with a coupon rate of 4.01% and maturing in 2036. The $2.9 billion net proceeds from these issuances were used to repay outstanding indebtedness under our acquisition facility. During the fourth quarter and fiscal 2024, we repurchased 5.3 million and 26.6 million shares, for amounts of $295.2 million and $1.4 billion, respectively. On April 26, 2024, the Toronto Stock Exchange approved another renewal of our share repurchase program, which took effect on May 1, 2024. The renewed share repurchase program allows us to repurchase up to 78.1 million shares, representing 10.0% of the shares outstanding as at April 18, 2024, and the share repurchase period will end no later than April 30, 2025. Changes in our Network during the Fourth Quarter of Fiscal 2024 We acquired 27 company-operated stores through various transactions since the beginning of fiscal 2024 (none during the fourth quarter of fiscal 2024). We settled these transactions using our available cash. We completed the construction of 25 stores and the relocation or reconstruction of 5 stores, reaching a total of 90 stores since the beginning of fiscal 2024. As of April 28, 2024, another 24 stores were under construction and should open in the upcoming quarters. The following tables present certain information regarding changes in our store network over the 12 and 52-week periods ended April 28, 2024(1): 12-week period ended April 28, 2024 Type of site Company-operated CODO DODO Franchised andother affiliated Total Number of sites, beginning of period 10,463 1,415 1,476 1,241 14,595 Openings / constructions / additions 25 — 7 9 41 Closures / disposals / withdrawals (48) — (20) (23) (91) Store conversions 5 (6) 1 — — Number of sites, end of period 10,445 1,409 1,464 1,227 14,545 Circle K branded sites under licensing agreements 2,195 Total network 16,740 Number of automated fuel stations included in the period-end figures 1,171 — 92 — 1,263 52-week period ended April 28, 2024 Type of site Company-operated CODO DODO Franchised and other affiliated Total Number of sites, beginning of period 9,983 344 820 1,285 12,432 Acquisitions 548 1,083 683 — 2,314 Openings / constructions / additions 76 — 36 57 169 Closures / disposals / withdrawals (174) (6) (71) (119) (370) Store conversions 12 (12) (4) 4 — Number of sites, end of period 10,445 1,409 1,464 1,227 14,545 Circle K branded sites under licensing agreements 2,195 Total network 16,740 (1)  Stores which are part of Circle K Belgium SA's network are included at 100%, while stores operated through our RDK joint venture are included at 50%. 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 period ended 13-week period ended 52-week period ended 53-week period ended April 28, 2024 April 30, 2023 April 28, 2024 April 30, 2023 Average for the period(1) Canadian dollar 0.7369 0.7386 0.7406 0.7531 Norwegian krone 0.0937 0.0961 0.0938 0.0995 Swedish krone 0.0949 0.0960 0.0940 0.0959 Danish krone 0.1448 0.1449 0.1452 0.1401 Zloty 0.2505 0.2301 0.2447 0.2216 Euro 1.0798 1.0789 1.0828 1.0423 Hong Kong dollar 0.1278 0.1274 0.1278 0.1276 (1)  Calculated by taking the average of the closing exchange rates of each day in the applicable period. For the analysis of consolidated results, the impact of the translation of our foreign currency operations into US dollars is defined as the impact from the translation of our Canadian, European, Asian, and corporate operations into US dollars. Variances of our foreign currency operations into US dollars are determined as being the difference between the corresponding period results in local currencies translated at the current period average exchange rate and the corresponding period results in local currencies translated at the corresponding period average exchange rate. Summary Analysis of Consolidated Results for the Fourth Quarter and Fiscal 2024 The following table highlights certain information regarding our operations for the 12 and 52-week periods ended April 28, 2024, and the 13 and 53-week periods ended April 30, 2023, and the results analysis in this section should be read in conjunction with this table. The results from our operations in Europe and Asia are presented together as Europe and other regions. 12-week period ended 13-week period ended 52-week period ended 53-week period ended (in millions of US dollars, unless otherwise stated) April 28, 2024 April 30, 2023 Variation % April 28, 2024 April 30, 2023 Variation % Statement of Operations Data: Merchandise and service revenues(1): United States 2,823.2 3,006.5 (6.1) 12,334.5 12,356.0 (0.2) Europe and other regions 769.9 585.7 31.4 2,750.3 2,386.7 15.2 Canada 513.6 585.7 (12.3) 2,451.1 2,540.7 (3.5) Total merchandise and service revenues 4,106.7 4,177.9 (1.7) 17,535.9 17,283.4 1.5 Road transportation fuel revenues: United States 7,208.5 7,903.2 (8.8) 31,531.1 35,232.1 (10.5) Europe and other regions 4,811.7 2,548.8 88.8 13,581.1 11,837.7 14.7 Canada 1,278.9 1,399.5 (8.6) 5,911.0 6,342.6 (6.8) Total road transportation fuel revenues 13,299.1 11,851.5 12.2 51,023.2 53,412.4 (4.5) Other revenues(2): United States 16.9 11.4 48.2 45.6 43.8 4.1 Europe and other regions 161.9 208.4 (22.3) 622.9 1,067.7 (41.7) Canada 8.1 15.2 (46.7) 35.9 49.4 (27.3) Total other revenues 186.9 235.0 (20.5) 704.4 1,160.9 (39.3) Total revenues 17,592.7 16,264.4 8.2 69,263.5 71,856.7 (3.6) Merchandise and service gross profit(1)(3): United States 961.8 1,024.1 (6.1) 4,192.6 4,172.4 0.5 Europe and other regions 301.5 239.3 26.0 1,079.3 925.2 16.7 Canada 179.2 199.7 (10.3) 833.5 841.8 (1.0) Total merchandise and service gross profit 1,442.5 1,463.1 (1.4) 6,105.4 5,939.4 2.8 Road transportation fuel gross profit(3): United States 821.7 1,020.3 (19.5) 4,152.5 4,375.6 (5.1) Europe and other regions 342.1 259.1 32.0 1,103.7 1,034.4 6.7 Canada 123.6 125.8 (1.7) 560.7 546.6 2.6 Total road transportation fuel gross profit 1,287.4 1,405.2 (8.4) 5,816.9 5,956.6 (2.3) Other revenues gross profit(2)(3): United States 10.3 11.4 (9.6) 39.0 43.8 (11.0) Europe and other regions 34.3 21.1 62.6 106.5 82.9 28.5 Canada 7.0 7.8 (10.3) 30.1 29.4 2.4 Total other revenues gross profit 51.6 40.3 28.0 175.6 156.1 12.5 Total gross profit(3) 2,781.5 2,908.6 (4.4) 12,097.9 12,052.1 0.4 Operating, selling, general and administrative expenses 1,642.5 1,614.6 1.7 6,525.2 6,361.8 2.6 Loss (gain) on disposal of property and equipment and other assets 4.3 (29.3) (114.7) 2.4 (67.6) (103.6) Depreciation, amortization and impairment 492.5 389.6 26.4 1,760.1 1,525.9 15.3 Operating income 642.2 933.7 (31.2) 3,810.2 4,232.0 (10.0) Net financial expenses 139.9 99.0 41.3 387.9 306.7 26.5 Net earnings 454.5 670.7 (32.2) 2,732.2 3,090.9 (11.6) Net earnings attributable to non-controlling interests (1.5) — (100.0) (2.5) — (100.0) Net earnings attributable to shareholders of the Corporation 453.0 670.7 (32.5) 2,729.7 3,090.9 (11.7) Per Share Data: Basic net earnings per share (dollars per share) 0.47 0.68 (30.9) 2.82 3.07 (8.1) Diluted net earnings per share (dollars per share) 0.47 0.68 (30.9) 2.82 3.06 (7.8) Adjusted diluted net earnings per share (dollars per share)(3)