CASY - Casey's General Stores eyes expansion as part of strategic plan

2023-06-28 08:22:15 ET

Casey’s General Stores ( NASDAQ: CASY ) announced its new three-year strategic plan on Wednesday as part of an Investor Day event.

The retailer said the updated strategy leverages its resilient business model, expanding footprint, guest-centered convenience and restaurant-quality food as a road map to further differentiate Casey’s from competitors and position the company as a top retailer. The goal is for the plan to drive store growth, accelerate the food business, and enhance operations.

One of the key initiatives is to increase the store count. Casey's ( CASY ) said it will continue to grow its footprint to have the right stores in the right locations. Through organic growth and acquisitions, the company is targeting the addition of 350 stores by the end of fiscal year 2026. Casey's ( CASY ) also plans to will elevate convenient food aligned to guest needs, providing menu options that are craveable and available only at Casey’s. In addition to prepared food, Casey's ( CASY ) will expand its private label offerings. The company noted that in FY23, Casey’s private label products reached over 9% penetration in both units and gross profit dollars in its grocery and general merchandise category. The rewards program will also get a boost.

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