CASEYS GENERAL STORES INC (CASY)

Casey's General Stores, Inc., incorporated in Iowa in 1967 and headquartered in Ankeny, Iowa, operates 2,658 convenience stores across 17 states as of April 30, 2024, primarily under the "Casey's" and "Casey's General Store" banners, with additional locations branded as "GoodStop," "Bucky's," "Minit Mart," and "Lone Star Food Store" (the latter two being transitional brands from recent acquisitions being converted to Casey's or GoodStop). Over half of its stores are concentrated in Iowa, Missouri, and Illinois, with approximately 72% located in towns with populations under 20,000, reflecting the company's historical strategy of serving smaller communities underserved by national chains. The company generates revenue primarily through retail fuel sales (63.3% of total revenue in fiscal 2024, with 2.8 billion gallons sold) and a broad assortment of in-store products including prepared foods (notably its flagship handmade pizza, introduced in 1984, plus sandwiches, bakery items, and breakfast foods), beverages, tobacco/nicotine products, and general merchandise—carrying over 3,000 items per store including 350+ private label products.

Nonfuel retail sales, while representing about 35% of total revenue over the past three years, generate roughly 66% of gross margin, with prepared foods averaging a 58% margin. The company operates three distribution centers (Ankeny, Iowa; Terre Haute, Indiana; and Joplin, Missouri) supported by a 421-tractor fleet, and also manages a wholesale fuel network supplying 73 dealer locations. Corporate operations are structured through wholly-owned subsidiaries: Casey's Retail Company (CRC), Casey's Marketing Company (CMC), Casey's Services Company (CSC), and CGS Stores, LLC, which divide responsibilities across store operations, wholesale/distribution, construction/maintenance services, and intellectual property management.

The Casey's Rewards loyalty program has surpassed 7.9 million members. As of fiscal year-end, the company employed 20,935 full-time and 24,424 part-time team members, with no collective bargaining agreements, and emphasizes diversity initiatives, competitive benefits (including 401(k) matching in company stock), and structured leadership development programs. The company faces competition from regional and national grocery, convenience, and fuel retailers such as Quik Trip, Kwik Trip/Star, and Maverik/Kum & Go, competing on price, location, product selection, and convenience.

Casey's is subject to environmental regulations regarding underground storage tanks (with $966 thousand spent on remediation in fiscal 2024) and regulatory requirements for age-restricted products including alcohol, tobacco, and lottery sales. The company's fiscal year runs May 1 through April 30, with seasonally stronger sales in the first and second fiscal quarters due to increased fuel and beverage consumption in warmer months.