Casey's General Stores CEO on why consumers are focused on value
"Coming out of Covid, when we had some supply chain challenges and inflation took off, I think that was a shock to the system," Rebelez said. "And then you compound that with interest rates going up, it really shook people loose. And so now, even if you have money, people are questioning why they're paying for something that they don't think the value is quite there."
Casey's is an Iowa-based convenient store chain that operates primarily in the Midwest and the South. The company posted an earnings and revenue beat Monday night, and the stock surged during Tuesday's session to reach a new 52-week high, finishing the up 11.59%.
In addition to fuel and groceries, the chain promotes a variety of pizzas and other food items. According to Rebelez, the pizza is made from scratch and has helped the brand earn a "cult following." He also said Casey's receives "strong ratings on value" from higher-income consumers.
Rebelez discussed Casey's expansion plans, citing an acquisition made last fall that allowed the company to open new locations in Texas. Casey's could open thousands of new stores, he said. He added that in its home state of Iowa, which has a population of about $3 million, Casey's already has 550 million locations.
"The population of Texas is 30 million people, and we have 170 stores there," Rebelez said. "We have white space for days in, in Texas."
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