(Laval) Alimentation Couche-Tard Inc. announces that it has received an impairment loss of US$56.2 million before taxes resulting from the deconsolidation and impairment of its Russian subsidiaries.
Posted yesterday at 11:06 p.m.
In April, the Quebec flagship announced the suspension of operations of 38 stores in Russia following the invasion of Ukraine by the regime of Vladimir Putin. The company cashed in the impairment after determining that it had lost control of its investment in all of its subsidiaries in Russia.
This loss in value contributed to lowering its net profits in the fourth quarter as well as for the full year despite a significant increase in its revenues stimulated by the explosion in the price of gasoline.
Couche-Tard, which reports results in US dollars, reports net revenue of US$477.7 million, or US$0.46 per share, for the three-month period ending April 24. This is down from US$563.9 million or US$0.52 per share in the same period last year.
Excluding one-time items, adjusted net profit rose to US$573 million or $0.55 per share. Up slightly from US$564 million or $0.52 per share in the fourth quarter of 2021.
Revenues increased 34% to $16.4 billion from $12.2 billion.
“We are proud to report a remarkable year despite the continued pressures caused by the pandemic, global inflation and recruitment and retention challenges,” commented the President and Chief Executive Officer of Alimentation Couche in a press release. – Late, Brian Hannasch.
According to the forecasts of the firm Refinitiv, Couche-Tard was to report a net profit of $0.53 per share on expected revenues of 15.5 billion US.
For the full year, the company reported net income of US$2.68 billion or US$2.52 per share on revenue of US$62.8 billion. Figures up from US$2.71 billion or US$2.44 per share on revenue of US$45.8 billion in 2021.