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Alimentation Couche-Tard announces record earnings for its second quarter of fiscal year 2018 with the contribution from CST

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Net earnings attributable to shareholders of the Corporation (“net earnings”) of $435.3 million ($0.76 per share on a diluted basis) for the second quarter of fiscal 2018 compared with $321.5 million ($0.57 per share on a diluted basis) for the second quarter of fiscal 2017. Excluding certain items for both comparable periods, net earnings for the quarter would have been approximately $458.0 million1 or $0.80 per share on a diluted basis, compared with $0.58 per share on a diluted basis1, for the second quarter of fiscal 2017, an increase of 37.9%. The Corporation’s network was impacted by Hurricanes Harvey and Irma in the United States, and lost approximately 3,000 store days in merchandise and service sales and 5,700 store days in road transportation fuel sales. Total merchandise and services revenues were $3.1 billion, an increase of 23.4%. Same‑store merchandise revenues, excluding the CST Brands Inc. (“CST”) stores network, increased by 0.7% in the U.S., by 1.6% in Europe and decreased by 1.6% in Canada. Merchandise and service gross margin slightly decreased by 0.1% in the U.S., to 33.2% due to the integration of the CST stores. Excluding the CST stores, gross margin in the U.S. increased by 0.2%, to 33.5%. Merchandise and service gross margin increased by 0.6% in Europe, to 42.0% and by 1.0% in Canada, to 34.6%. Total road transportation fuel volumes grew by 21.5%. Same‑store road transportation fuel volumes, excluding the CST stores network, decreased by 0.7% in the U.S., negatively impacted by Hurricanes Harvey and Irma. Same-store volumes decreased by 0.2% in Europe and by 2.3% in Canada, also excluding the CST stores network. Road transportation fuel gross margin increased by US 4.83¢ per gallon in the U.S. to US 24.70¢ per gallon, by US 0.44¢ per litre in Europe, to US 9.54¢ per litre and by CA 1.89¢ per litre in Canada, to CA 8.64¢ per litre. Successful issuance of Canadian- and US-dollar-denominated senior unsecured notes for a total amount of CA $700.0 million and US $2.5 billion, respectively, and repayment of CST’s US-dollar-denominated senior unsecured notes for an amount of $577.1 million. Current annual costs reduction run rate related to the CST integration reached approximately $84.0 million. The Corporation reached an agreement with Metro Inc. to repurchase and cancel 4.4 million of its shares. Successful completion of the Circle K rebranding in the Baltics. The project is still progressing well in Poland

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