Casey 的 General Stores,Inc。(CASY) 首席执行官 Terry Handley 在 2019年 第四季度业绩 - 收益电话成绩单

读者寄语: 不管是您想投资美股, 还是想投资港股, 保持好自己的心态是最重要的。特别在美股、港股市场拥有一套成熟的金融市场,市场鼓励长期持有,而不是短期的投机炒作。选择一个好的公司, 耐心的等待, 做时间的朋友。如果您想咨询美股开户、港股开户相关的问题, 或者您对美股、港股感兴趣可以添加微信交流: xiaobei060537

Casey's General Stores, Inc. (NASDAQ:CASY) Q4 2019 Earnings Conference Call June 11, 2019 10:30 AM ET

Casey's General Stores,Inc。(纳斯达克股票代码:[CASY])2019年第四季度收益电话会议2019年6月11日美国东部时间上午10:30

公司参与者

Bill Walljasper - SVP & CFO
Terry Handley - President & CEO

  • Bill Walljasper - 高级副总裁兼首席财务官
  • 特里汉德利 - 总裁兼首席执行官

电话会议参与者

Karen Short - Barclays
Bonnie Herzog - Wells Fargo
Kelly Bania - BMO Capital Markets
Damian Witkowski - Gabelli & Company
Irene Nattel - RBC Capital Markets
Chuck Cerankosky - Northcoast Research
Anthony Lebiedzinski - Sidoti & Company
Chris Mandeville - Jefferies
Chris Prykull - Goldman Sachs
John Royall - JPMorgan

  • Karen Short - 巴克莱
  • Bonnie Herzog - 富国银行
  • Kelly Bania - BMO资本市场
  • Damian Witkowski - Gabelli&Company
  • Irene Nattel - 加拿大皇家银行资本市场
  • Chuck Cerankosky - Northcoast Research
  • Anthony Lebiedzinski - Sidoti&Company
  • 克里斯曼德维尔 - 杰弗里斯
  • Chris Prykull - 高盛
  • John Royall - 摩根大通

会议主持员

Good day, ladies and gentlemen and welcome to the Q4 FY 2019 Casey’s General Stores Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions] As a reminder, this conference is being recorded.
I would now like to introduce you host for today’s conference, Bill Walljasper, Chief Financial Officer. You may begin.

美好的一天,女士们,先生们,欢迎来到2019年第四季度凯西的综合商店收益电话会议。 此时,所有参与者都处于只听模式。 稍后,我们将进行问答环节,届时将会有说明。 [操作员说明]提醒一下,此会议正在录制中。

我现在想向您介绍今天的会议主持人,首席财务官Bill Walljasper。 你可以开始吧。

Bill Walljasper

Good morning, and thank you for joining us to discuss Casey’s results for the quarter ended April 30th. I’m Bill Walljasper, Chief Financial Officer. Terry Handley, President and Chief Executive Officer is also here.
Before we begin, I’ll remind you that certain statements made by us during this investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include any statements related to our possible or assumed future results of operations, business strategies, growth opportunities, and performance improvements at our stores.
There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including our ability to execute on the value-creation plan or to realize benefits from that value-creation plan as well as other risks, uncertainties, and factors which are described in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the SEC and available on our website.
Any forward looking statements made during this call reflect our current views as of today with respect to future events and Casey’s disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.
I would now like to turn the call over to Terry.

早上好,感谢您加入我们,讨论Casey在截至4月30日的季度的业绩。我是Bill Walljasper,首席财务官。总裁兼首席执行官特里汉德利也在这里。

在我们开始之前,我将提醒您,我们在此投资者电话会议期间所作的某些陈述可能构成1995年“私人证券诉讼改革法案”界定的前瞻性陈述。这些前瞻性陈述包括与我们可能的相关的任何陈述。或者假设我们商店的运营,业务战略,增长机会和绩效改进的未来结果。

有许多已知和未知的风险,不确定性和其他因素可能导致我们的实际结果与这些前瞻性陈述中表达或暗示的任何未来结果产生重大差异,包括我们执行价值创造计划的能力或从我们最近的10-K表格年度报告以及向美国证券交易委员会提交的10-Q表格的季度报告中可以看出,这些价值创造计划以及其他风险,不确定因素和因素都有所体现。网站。

本次电话会议期间发表的任何前瞻性陈述均反映了我们截至今天对未来事件的当前观点,而且凯西不承担任何更新或修改前瞻性陈述的意图或义务,无论是否出现新信息,未来事件或其他情况。

我现在想把电话转给特里。

特里汉德利

Thank you, Bill, and good morning, everyone. Before we summarize our fourth quarter results and outlook for fiscal 2020, I wanted to take a brief moment to comment on the announcement we made last week about my upcoming retirement. As I reflect on my nearly four decades with Casey’s, I'm incredibly proud of what our team has accomplished, and I’m confident that the business is well positioned for continued success.
This is the right time for me to retire, and I have absolute confidence in my successor, Darren Rebelez. I know Darren personally, and I'm familiar with his tremendous leadership experience in the convenience store, fuel, and restaurant industries, most recently as the President of IHOP. I look forward to seeing where he takes this great company in the years ahead.
As this will be my last earnings call, I want to thank all of you for your keen interest in our company. It has been a pleasure getting to know all of you over the years. I know you will welcome Darren when he officially starts later this month.
Now let's move on to our results for the quarter and fiscal 2019, as well as our outlook for fiscal 2020. As most of you have seen in the press release, diluted earnings per share for the fourth quarter were up 33% to $0.68 compared to $0.51 a year ago and up over 44% for the year to $5.51, excluding the onetime benefit from tax reform a year ago.
The results were primarily driven by effective control on operating expenses and margin expansion across all of our categories compared to the last fiscal year. We continue to make excellent progress towards the execution of the various components and the value creation plan, and remain optimistic about the opportunities in the upcoming fiscal year.
I would now like to summarize our results and some of the details in each of the categories. During the fourth quarter in the fuel category, we experienced
rising wholesale cost which put pressure on our margin. However, we were pleased with the way that retail fuels and store operations teams managed through this environment to optimize gross profit dollars. As a result, we were able to achieve an average fuel margin of $0.186 per gallon for the fourth quarter and drove fuel gross profit dollars up over 17% compared to the same period a year-ago.
Same-store gallons sold in the quarter were down 2.8%. The same-store gallon decline was primarily related to our optimization efforts and previously described – as previously described and softer demand as retail fuel prices rose from the third quarter and vehicle miles traveled in the Midwest has declined. The average retail fuel price during the quarter was $ 2.46 per gallon. Despite the decline in same-store gallons, total gallons sold for the quarter were up 2.6% to $546 million primarily due to a strong contribution from new stores opened in the last 12 months.
Same-store gallons sold year-to-date were down 1.7% with an average margin of $0.203 gallon resulting in an increase in fuel gross profit dollars for the year of 14.6% to $466.1 million. Same-store gallons sold in May was in line with our expectations but was below our annual guidance as we compare it against a very strong month from a year ago and adverse weather across our – most of our marketing territory. The average fuel margin May is within our current annual range.

比尔,谢谢你,大家早上好。在我们总结第二季度业绩和2020财年前景之前,我想简短地评论一下我们上周关于即将退休的公告。正如我对凯西近四十年的反思,我对我们团队所取得的成就感到非常自豪,我相信这项业务能够为持续的成功做好准备。

这是我退休的最佳时机,我对我的继任者Darren Rebelez充满信心。我个人认识Darren,我熟悉他在便利店,燃料和餐饮行业的巨大领导经验,最近担任IHOP总裁。我期待着看到他在未来几年中将这家伟大的公司带到哪里。

由于这将是我上次的财务电话会议,我要感谢大家对我们公司的浓厚兴趣。多年来,我很高兴认识你们所有人。我知道你会在本月晚些时候正式开始时欢迎达伦。

现在让我们继续讨论本季度和2019财年的业绩,以及我们对2020财年的展望。正如大多数人在新闻稿中看到的那样,第四季度每股摊薄收益增长了33%,达到0.68美元。一年前0.51美元,全年增长44%至5.51美元,不包括一年前税收改革的一次性收益。

结果主要得益于与上一财年相比,我们所有类别的运营支出和利润率扩张的有效控制。我们继续在执行各个组成部分和价值创造计划方面取得良好进展,并对即将到来的财政年度的机遇保持乐观。

我现在想总结一下我们的结果和每个类别中的一些细节。在第四季度的燃料类别,我们经历过

批发成本上升给我们的利润带来压力。然而,我们对零售燃料和商店运营团队通过这种环境管理以优化毛利润的方式感到满意。因此,我们在第四季度实现了每加仑0.186美元的平均燃料利润率,并使燃料毛利润与去年同期相比增长了17%以上。

本季度同店加仑下降2.8%。同店加仑的下降主要与我们的优化工作和之前描述的相关 - 如前所述,需求疲软,因为零售燃料价格从第三季度开始上涨,而中西部地区的车辆里程数下降。本季度的平均零售燃料价格为每加仑2.46美元。尽管同店加仑下降,但本季度的总加仑销量增长2.6%至5.46亿美元,主要是由于过去12个月开设的新店的强劲贡献。

同比销售的同店加仑下降1.7%,平均利润为0.203加仑,导致全年燃料毛利润增加14.6%至4.661亿美元。 5月份销售的同店加仑符合我们的预期,但低于我们的年度指引,因为我们将其与一年前非常强劲的月份以及我们的大部分营销领域的恶劣天气进行比较。平均燃料利润率可能在我们目前的年度范围内。

In the Grocery and Other Merchandise category, total sales were up nearly 10% to $562.7 million in the fourth quarter. Same-store sales were strong up 5.7% during the same period with an average margin of 31.5% up 30 basis points from
a year ago in the same period.
For the fiscal year, same-store sales were up 3.6% with an average margin of 32.1%, up 30 basis points from the prior year. The strong movement in same-store sales during the quarter was driven by significant gains late in the quarter from packaged beverage and beer in part due to improved weather, as well as continued strength in other tobacco products.
The margin increase for the quarter and the year was up primarily due to a product mix shift toward higher margin items across the grocery and other merchandise category, as well as promotion optimization. Gross profit dollars for the quarter in the category were nearly 11% to $177.2 million. For the year, gross profit dollars are up 9.6% to $759.8 million. Same-store sales in May are below our current annual guidance due to the previously mentioned weather in our market.
In the prepared food and fountain category, total sales were up 5.4% to over $254 million for the fourth quarter. Same-store sales accelerated from the third quarter, up 2%. The average margin for the fourth quarter was 62.2%, a 250 basis points from the same quarter last year primarily due to strategic price increases taken earlier in the year, favorable commodity prices and a product mix shift. As a result of the increased sales and margin expansion in the quarter, prepared food gross profit dollars were up nearly 10% to $158.1 million.
For the year, total sales were up 6.8% to $1.1 billion. Same-store sales increased 1.9% with an average margin 62.2%, up 120 basis points from last fiscal year. Same-store sales in May are below our
current annual guidance range.
We made great strides this year in controlling operating expenses. For the quarter, total operating expenses were up 9.6% to $346.2 million. The increase in operating expense is mainly driven by operating 73 more stores this quarter compared to a year ago, cycling or the reduction in 24-hour and pizza delivery formats, increasing technology spend, and an increased incentive compensation from a year ago due to the performance of the company.
Same-store operating expenses, excluding credit card fees, were down 1.1% in the quarter. These results were driven by a decrease in labor hours as we better align our labor schedules to meet customer demand. Year-to-date, total operating expenses are up 8.4%. Managing operating expense growth will continue to be an area of focus in fiscal 2020.
I would now like to turn the call over to Bill to discuss the financial statements.

在杂货和其他商品类别中,第四季度的总销售额增长了近10%,达到5.617亿美元。同期同店销售强劲增长5.7%,平均利润率为31.5%,同比增长30个基点

一年前的同一时期。

本财年,同店销售额增长3.6%,平均利润率为32.1%,比上年提高30个基点。本季度同店销售额的强劲增长主要得益于本季度末包装饮料和啤酒的大幅增长,部分原因是天气改善,以及其他烟草产品的持续增长。

本季度和本年度的利润增长主要是由于产品组合转向杂货和其他商品类别的较高利润项目,以及促销优化。本季度该季度的毛利润率接近11%,达到1.772亿美元。今年,毛利润增长9.6%至7.598亿美元。由于前面提到的市场天气,5月份的同店销售额低于我们目前的年度指引。

在准备好的食品和喷泉类别中,第四季度的总销售额增长了5.4%,超过2.54亿美元。同店销售额从第三季度开始加速,增长2%。第四季度的平均利润率为62.2%,比去年同期增加250个基点,这主要是由于今年早些时候的战略性价格上涨,有利的商品价格和产品结构的变化。由于本季度销售额和利润率增加,准备食品毛利润增长近10%,达到1.581亿美元。

全年销售总额增长6.8%至11亿美元。同店销售额增长1.9%,平均利润率为62.2%,比上一财年增加120个基点。 5月份的同店销售额低于我们的销售额

目前的年度指导范围。

今年我们在控制运营费用方面取得了很大进展。本季度,总运营支出增长9.6%至3.46亿美元。营业费用的增加主要是由于本季度与一年前相比增加了73家门店,骑自行车或减少了24小时和披萨交付形式,增加了技术支出,并增加了一年前的激励补偿金额。公司业绩。

本季度同店营业费用(不包括信用卡费用)下降1.1%。这些结果是由于劳动时间减少所致,因为我们更好地调整我们的劳动时间表以满足客户需求。年初至今,总营业费用增长8.4%。管理运营费用增长将继续成为2020财年的重点领域。

我现在想把这个电话转到比尔来讨论财务报表。

Bill Walljasper

Thanks, Terry. On the income statement, total revenue in the quarter was up slightly to $2.2 billion, primarily due to an increase in the number of stores in operation compared to the same period a year ago, as well as the sales increase, as mentioned previously.
Depreciation in the quarter was up 9.5%, primarily due to capital expenditures for growth over the past 12 months. The effective tax rate for the quarter was 14.8%. The decrease in the effective tax rate from the third quarter was primarily due to an increase in federal tax credits from a year ago. We expect our effective tax rate for fiscal 2020 to be between 24.5% and 25.5%.
Our balance sheet continues to be strong. At April 30, cash and cash equivalents were $63.3 million. Long-term debt net of current maturities was $1.3 billion. Our trailing 12-month debt-to-EBITDA ratio is at 2.4 times as the recent new store openings and previously mentioned operational improvements at our existing stores contribute to growth in EBITDA.
For the fiscal year, we generate $550 million in cash flow from operations compared to $420 million during the same period last year, capital expenditure for $482 million compared to $615 million a year ago in the same period. Adjusted EBITDA grew 19% in the quarter and is up nearly 16% year-to-date. We will discuss our plans for fiscal 2020 capital allocation later in the summary.
I'd now like to turn the call back over to Terry to update you on the progress with our value-creation plan and outlook for fiscal 2020.

谢谢,特里。在损益表中,该季度的总收入略微上升至22亿美元,这主要是由于与前一年同期相比,运营中的门店数量增加,以及销售额增加,如前所述。

本季度的折旧增长了9.5%,主要是由于过去12个月的资本支出增长。本季度的有效税率为14.8%。第三季度有效税率的下降主要是由于一年前联邦税收抵免的增加。我们预计2020财年的有效税率将介于24.5%至25.5%之间。

我们的资产负债表继续保持强势。 4月30日,现金和现金等价物为6330万美元。当前到期日的长期债务净额为13亿美元。我们追踪12个月的债务与EBITDA比率是最近新店开张的2.4倍,之前提及我们现有店铺的运营改善有助于EBITDA的增长。

在本财政年度,我们从运营中获得了5.5亿美元的现金流,而去年同期为4.2亿美元,资本支出为4.82亿美元,而去年同期为6.15亿美元。调整后的EBITDA在本季度增长了19%,并且今年迄今为止增长了近16%。我们将在摘要后面讨论我们的2020财年资本分配计划。

我现在想把这个电话转回特里,向我们介绍我们的财政2020年创造价值计划和展望的进展情况。

特里汉德利

Thank you, Bill. For this fiscal year, we opened 56 new stores and acquired 24 additional stores. In addition, we replaced eight stores and have eight acquisition stores under agreement to purchase. Currently, we have 81 stores in our pipeline, including 41 under construction, which puts us off to a great start for achieving our unit growth goals for the new fiscal year. I would now like to provide an update regarding the value-creation plan.
As a reminder, the multiyear, long-term plan is comprised of several key programs and value drivers, including a new fleet car program, retail price optimization, a new suite of digital platforms for our customers as well as a continued focus on controlling operating expenses and capital allocation.
When we first introduced the value-creation plan in March 2018, our goal was to create a plan designed to deliver significant long-term growth, demonstrated by increased earnings per share, EBITDA, return on invested capital and free cash flow. As we witnessed the continued evolution of the retail landscape and ever-changing consumer habits, we must continue to adapt and broaden the number of performance drivers beyond just same-store sales alone.
A more balanced approach which include margin expansion and expense management through process improvements, focus on increasing gross profit dollars to deliver a strong annual growth rate in earnings per share and EBITDA while increasing after tax return on invested capital. Based on the results of fiscal 2019 which reflected a 44% increase in earnings per share, a 19% increase in EBITDA and an after tax return on invested capital over 9%, we are well on our way to delivering on these expectations.
With this in mind, I would like to share with you some of the key milestones that we have completed over the course of the last quarter. I will begin with the fleet card program. We launched the new program in late October. Early results show that we are on target with adding new accounts and cardholders. We currently have over 1,300 new accounts with approximately 72 new cards – 7,200 new cards issued. Even though the utilization of these cards ramped up slower than we expected shortly after we launched, it is beginning to gain momentum as we focus additional resources around the program.
We continue to engage universal card providers as part of the overall approach to our fleet card strategy. The total fleet gallons have grown over 9% in fiscal 2019 compared to a year ago. We remain optimistic about the potential of the overall fleet program going forward. Price optimization is another key program on our value creation plan. This will allow us to leverage the sales data generated by our broad network of stores combined with market data to market – to make centralized rules based pricing decisions at the pump and in the store which we anticipate will improve gross profit dollars across all categories throughout our network.
During the fourth quarter, we completed the implementation of price advantage to all of our stores. This fuel price optimization tool will provide us with greater agility in adjusting retail prices in response to the ever-changing fuel environment. Centralized retail pricing changes will be available by the end of the fiscal year as we build out this new tool. Price advantage will also provide the ability to monitor merchandise sales at each store to identify any potential impact to inside sales that may be correlated to retail fuel price movements.

比尔谢谢你。本财年,我们开设了56家新店,并增加了24家店铺。此外,根据购买协议,我们更换了8家商店并拥有8家收购店。目前,我们有81家门店,其中41家正在建设中,这使我们在实现新财年的单位增长目标方面取得了良好开端。我现在想提供有关价值创造计划的最新信息。

提醒一下,这个多年的长期计划包括几个关键计划和价值驱动因素,包括新的车队计划,零售价格优化,为客户提供的一套新数字平台以及持续关注控制运营费用和资本分配。

当我们在2018年3月首次推出价值创造计划时,我们的目标是制定一项旨在实现重大长期增长的计划,通过增加每股收益,EBITDA,投资资本回报和自由现金流来证明。当我们目睹零售业的不断发展和不断变化的消费习惯时,我们必须继续调整和扩大业绩驱动因素,而不仅仅是同店销售。

更加平衡的方法,包括通过流程改进实现利润率扩张和费用管理,专注于增加毛利润,以实现每股收益和EBITDA的强劲年增长率,同时增加投资资本的纳税申报表。根据2019财年的结果,反映出每股收益增长44%,EBITDA增长19%,投资资本的税后回报超过9%,我们正在努力实现这些预期。

考虑到这一点,我想与您分享我们在上一季度完成的一些关键里程碑。我将从车队卡计划开始。我们在10月底推出了新计划。早期结果显示,我们的目标是增加新帐户和持卡人。我们目前有超过1,300个新帐户,大约有72张新卡 - 发行了7,200张新卡。尽管这些卡的使用率在我们推出后不久就比我们预期的要慢,但随着我们在该计划周围集中额外资源,它开始获得动力。

我们继续聘请通用卡提供商作为我们车队卡战略整体方法的一部分。与一年前相比,2019财年的车队加仑总量增长了9%以上。我们对未来整体机队计划的潜力保持乐观。价格优化是我们价值创造计划的另一个关键计划。这将使我们能够将我们广泛的商店网络产生的销售数据与市场数据相结合,进而推向市场 - 在泵和商店中制定基于规则的集中式定价决策,我们预计这些决策将改善我们各个类别的毛利润。网络。

在第四季度,我们完成了对所有商店的价格优势的实施。这种燃油价格优化工具将为我们提供更大的灵活性,以便根据不断变化的燃料环境调整零售价格。随着我们构建这一新工具,将在本财年结束时提供集中零售价格变化。价格优势还将提供监控每家商店的商品销售的能力,以识别可能与零售燃料价格变动相关的对内部销售的任何潜在影响。

As we have mentioned before, we are utilizing Dunnhumby as our price optimization platform inside our stores. We completed the successful testing in Q4 and will begin a scheduled rollout of this program starting this month and through September.
Price optimization represents a fundamental shift in our marketing processes for both fuel and in-store purchases, supported by increased visibility into our pricing and promotion strategy. We are excited about the benefits these programs will bring to the company.
We continue to progress with our digital engagement program and have reached several key milestones over the last quarter. We have successfully completed the integration of our new e-commerce website. This platform provides an enhanced customer experience by streamlining the ordering and checkout process and allowing the customer to pay online.
In addition, the system automatically engages cross-sell opportunities to the consumer during every order. We have completed the design and testing of the new mobile app and are planning to roll out this new capability in Q1 of fiscal 2020. The loyalty program is planned to be launched in Q2 of fiscal 2020.
The integration of the new suite of digital platforms for customers will create a seamless customer experience both online and in-store that enhances our digital capabilities and facilitates personalized marketing and rewards. This digital platform will allow us to gain a better understanding of our customers and better serve them by providing value and target-effective promotions that increase our average basket ring and drive additional customer visits.
Our capital allocation strategy will continue to prioritize investments with attractive return profiles, including our value creation programs, as well as disciplined store growth through new store construction and strategic acquisition opportunities.
At this time, I would like to share with you our fiscal 2020 guidance and capital expenditure budget increased same-store gallons sold, down 0.5% to up 1%, with an average margin of $0.205 to $0.225 per gallon; increased same-store Grocery and Other Merchandise sales, 2.5% to 4%, with an average margin between 32% and 33%; increased same-store Prepared Food and Fountain sales, 3% to 6%, with an average margin between 61% and 63%; maintain operating expenses to an increase between 7% and 9%, excluding expenses from the value creation plan; depreciation to increase 11% to 13%; build 60 stores and acquire 25 stores.
The capital expenditure budget for fiscal 2020 breaks down in the following categories new store construction and acquisitions, $294 million; replacement stores, $59 million; transportation and distribution, $43 million; information technology, $29 million; general maintenance, $91 million.
Included in the budget is approximately $22 million for the new distribution center and $17 million for an addition to the corporate office, for a total capital expenditure budget of $516 million in fiscal 2020.

正如我们之前提到的,我们正在利用Dunnhumby作为我们商店内的价格优化平台。我们在第四季度完成了成功的测试,并将从本月开始到九月开始计划推出该计划。

价格优化代表了我们的燃料和店内购买营销流程的根本转变,并得到了我们对定价和促销策略的更高可见性的支持。我们很高兴这些计划将给公司带来的好处。

我们继续推进数字参与计划,并在上一季度达到了几个关键的里程碑。我们已成功完成新电子商务网站的整合。该平台通过简化订购和结账流程并允许客户在线支付,提供增强的客户体验。

此外,系统在每个订单期间自动为消费者提供交叉销售机会。我们已经完成了新移动应用程序的设计和测试,并计划在2020财年第一季度推出这项新功能。忠诚度计划计划在2020财年第二季度推出。

为客户整合新的数字平台套件将在线和店内创建无缝的客户体验,从而增强我们的数字功能并促进个性化营销和奖励。这个数字平台将使我们能够更好地了解我们的客户,并通过提供价值和目标有效的促销活动来更好地为他们服务,这些促销活动可以增加我们的平均购物篮环并增加客户的访

我们的资本分配策略将继续优先投资具有吸引力的回报,包括我们的价值创造计划,以及通过新店铺建设和战略收购机会实现纪律化的店铺增长。

在这个时候,我想与大家分享我们的2020财年指导和资本支出预算,增加了同店销售加仑,下降0.5%至1%,平均利润为每加仑0.205美元至0.225美元

In closing, we continue to take transformational steps to enhance store performance and deliver long-term profitable growth. We will continue to review and add skill set to successfully execute on our strategy to drive significant long-term shareholder value.
We will now take your questions.

最后,我们将继续采取转型措施,以提高商店业绩并实现长期盈利增长。 我们将继续审查并增加技能,以成功执行我们的战略,以推动重要的长期股东价值。

我们现在将回答您的问题。

问答环节

[Operator Instructions] And our first question is from Karen Short from Barclays. Your line is now open.

[操作员说明]我们的第一个问题来自巴克莱的Karen Short。 你的生产线现已开放。

凯伦短

A couple of questions. Obviously, you still have this value creation plan in place. We don’t know whether or not Darren has actually gotten in the weeds of that, but maybe you could talk a little bit about where his thoughts might be on endorsing the [indiscernible]? And I realize as you said in the call that there are moving parts to that in terms of focusing a little more on profit dollars versus sales, but any context you could give there would be great.

几个问题。 显然,您仍然有这个价值创造计划。 我们不知道Darren是否真的得到了那种杂草,但也许你可以谈一谈他的思想可能会支持[音频不清晰]? 正如你在电话会议中所说的那样,在关注利润美元与销售额的关注方面,有一些活动部分,但你可以给予的任何背景都会很好。

Bill Walljasper

Yeah. Karen, I can’t speak for Darren specifically in terms of his assessment of the value creation plan. I am confident in the fact that he will assess where the programs are going in the future. And certainly he is a very experienced retailer. And we’ll certainly take into consideration all that’s been done to-date, and also bring his unique experiences and leadership style to the opportunity as well as just driving the company forward.

是啊。 凯伦,我不能就他对价值创造计划的评估而特别谈论达伦。 我相信他将评估未来计划的进展情况。 当然,他是一个非常有经验的零售商。 我们肯定会考虑到迄今为止所做的一切,并将他独特的经验和领导风格带到机会中,并推动公司向前发展。

凯伦短

And then Terry maybe you could just comment a little bit on obviously maybe if you could just comment a little bit on obviously the timing is right and then were kind of right in the middle of the value creation plan. So any thoughts on why now is the right time to leave after such a great career at Casey's. That’d be great.

然后Terry也许你可以稍微评论一下,显然也许你可以稍微评论一下,显然时机是正确的,然后在价值创造计划的中间是正确的。 因此,任何想法为什么现在是在凯西这么棒的职业生涯后离开的时候。 那简直太好了。

特里汉德利

Yeah. Sure. I mean in terms of the timing with regards to the value creation plan that really wasn't necessarily in my mind Karen. This is something that I have been working with the board for approximately a year and certainly within the last six months and more strategic process in terms of finding that successor.
Certainly for me after 38 and a half years of being here with Casey's literally serving with the company for my entire adult life. We got a lot of passion for this company but I also [ph] lot to my family. So it's time for me to put them first. I've got a lot of payback in that regard and that is certainly going to be my priority going forward. But Casey's will always be at the forefront of my mind and I will do whatever I can to support Darren, he's an outstanding individual with a great deal of integrity. And quite frankly I can't think of a better individual for Casey's as the leader going forward and I will do whatever I can to support him.

是啊。 当然。 我的意思是就价值创造计划的时间而言,凯伦并不一定在我的脑海里。 这是我与董事会一起工作了大约一年的事情,当然也是在过去六个月内,以及在寻找继任者方面的更具战略性的过程。

对我来说当然是在38岁半之后和凯西一起在这里为我的整个成年生活服务。 我们对这家公司充满了热情,但我对家人也很感兴趣。 所以现在是我把它们放在第一位的时候了。 在这方面我得到了很多回报,这肯定是我未来的首要任务。 但凯西将始终站在我的脑海中,我将尽我所能支持达伦,他是一位有着极大诚信的杰出人士。 坦率地说,我不能想象凯西作为领导者的更好的个人,我会尽我所能来支持他。

凯伦短

Great. That's helpful. And then Bill just a couple of questions. Looking at OpEx for 2020, can you maybe just give a little bit of color on how to think about the cadence of the growth throughout 2020, and I would ask the same question regarding D&A? And then last housekeeping is what credit card fees were in the quarter?

非常好。 这很有帮助。 比尔只是几个问题。 看看2020年的运营支出,您是否可以就如何考虑整个2020年的增长节奏提供一些颜色,我会问同样的问题有关D&A? 然后最后一次管家是本季度的信用卡费用?

Bill Walljasper

Yeah. Absolutely. First of all, credit card fees were $33.6 million in a quarter. With respect to operating expense, I'm going to probably broaden your question talk about Q4 and then take that into the fiscal 2020 question that you specifically had. Q4 obviously was up a little higherthan where we trended at sequentially in the last several quarters, coming in at 9.6%.
There were several things in the fourth quarter that transpired. First of all, we are lapsing the 24-hour pizza delivery format changes we did a year ago. Also, incentive compensation as the company performs, we certainly have an opportunity to have incentive compensation to the several people within the company.
In comparison to fiscal 2018, there were no bonuses paid out and the combination of those two factors were roughly about 1% to 1.5% of that 9.6%. So, obviously, as we look at our guidance, that 7% to 9%, that does include fees related to the value or expenses related to the value-creation plan. We certainly believe that the run rate is lower than that fourth quarter results.
So, with respect to the operating expenses going forward, we, obviously – we’re very optimistic that we can continue to control labor hours. We have several things that are being kicked off here in the first quarter, probably at the forefront is the execution on a time and motion study that will feed into a new labor scheduler. A time and motion study will be completed here in the first quarter and then starting to roll out that scheduler roughly Q2 of this fiscal year.
So, really, what that does for us, Kraen, or what we're excited about is it will be a much more automated approach on a store-by-store basis to monitor the performance and sales of that store and adjust labor accordingly to meet the customer demand. So, I think that's where we'll have quite a bit of our efficiencies going forward. Obviously, it’s going to be a key focus for us in 2020 as it was in fiscal 2019.

是啊。绝对。首先,一季度信用卡费用为3360万美元。关于运营费用,我可能会扩大您关于Q4的问题,然后将其纳入您特别拥有的2020财年问题。第四季度明显上升了一点,我们在过去几个季度依次趋势,收益率为9.6%。

第四季度有几件事情发生了。首先,我们正在改变我们一年前所做的24小时比萨饼送货格式的变化。此外,作为公司执行的激励薪酬,我们当然有机会对公司内的几个人进行奖励补偿。

与2018财年相比,没有支付奖金,这两个因素的组合大约是9.6%的1%到1.5%。因此,显而易见,在我们查看我们的指引时,7%至9%,其中包括与价值创造计划相关的价值或费用相关的费用。我们当然认为运行率低于第四季度的结果。

因此,关于未来的运营支出,我们显然 - 我们非常乐观地认为我们可以继续控制劳动时间。在第一季度,我们有几件事情在这里被启动,可能在最前沿的是执行时间和动作研究,这将进入一个新的劳动计划。时间和动作研究将在第一季度完成,然后开始在本财政年度的第二季度推出该调度程序。

所以,真的,这对我们,Kraen,或者我们感到兴奋的是,它将是一个更加自动化的方法,逐个商店监控该商店的性能和销售,并相应地调整劳动力满足客户需求。所以,我认为这是我们将在未来取得相当大的效率的地方。显然,它将成为我们2020年的关键焦点,就像2019财年一样。

凯伦短

So, OpEx will kind of start a little higher and then taper off as we go through the year?

那么,当我们度过这一年时,OpEx会有点高开,然后逐渐减少?

Bill Walljasper

Yeah. I think that's kind of the intent right now. When you think about OpEx from a high level, you figure somewhere around probably 2.5%, maybe 3% on a same-store basis. You’re going to throw 4%, 4% to 5% with the new store growth and a few miscellaneous things in there and that gets you in that 7% to 9% range, just thinking about it from a high-level perspective. But you're right. You're right on point, though. I think the labor schedule is something that will benefit us in the back half.

是啊。 我认为这就是现在的意图。 当您从高层次考虑OpEx时,您可能会在同一商店的基础上大约2.5%左右,可能是3%左右。 随着新店的增长和一些杂项事件的推移,您将投入4%,4%至5%,这将使您达到7%至9%的范围,只是从高层次的角度考虑。 但你是对的。 不过,你说得对。 我认为劳动计划在后半部分会使我们受益。

凯伦短

Okay. And then just D&A?

好的。 然后只是D&A?

Bill Walljasper

Yeah, D&A, I mean obviously one of the things in D&A, you saw the D&A kind of move downward in the last couple of quarters. A function of that is accelerated depreciation from replacement store activity, a little bit less this year than the prior year.
But as far as D&A goes, roughly we're going to have the same number of units. That could swing, I will say that, depending on the acquisition environment. But I think that’ll be a relatively smooth cadence throughout the fiscal year as we look at the planned rollout of our new store construction activity. It should be relatively smooth this fiscal year.

是的,D&A,我的意思显然是D&A中的一件事,你看到D&A在过去几个季度里向下移动了。 其功能是替换商店活动的加速折旧,今年比上一年略微减少。

但就D&A而言,大致我们将拥有相同数量的单位。 根据收购环境,我会说,这可能会摇摆不定。 但我认为,在我们看看计划推出新店铺建设活动时,整个财政年度将是一个相对平稳的节奏。 本财政年度应该相对顺利。

凯伦短

Great. Thanks.

非常好。 谢谢。

Bill Walljasper

You bet.

你打赌。

会议主持员

Thank you. Our next question is from Bonnie Herzog from Wells Fargo. Your line is now open.

谢谢。 我们的下一个问题来自Wells Fargo的Bonnie Herzog。 你的生产线现已开放。

Bonnie Herzog

All right. Thank you. Good morning. I first wanted to ask a question on your fuel margin guidance for the year. There's a decent step-up from last year and certainly historically. So just really want to hear from you guys. What gives you the confidence that this will be achievable?

行。 谢谢。 早上好。 我首先想问一下你今年的燃油保证金指引。 从去年开始,这是一个不错的升级,当然也是历史性的。 所以真的很想听听你们的意见。 是什么让你相信这是可以实现的?

特里汉德利

Yeah, Bonnie, this is Terry. I would tell you that the price optimization tool is certainly an element that we are quite confident in, and quite – and honestly it's the retail fuels team and their partnership with our store operations leadership.
If you think back to a year ago during this call, we were talking about the timing of the retail price optimization tool, and quite frankly we jumped out ahead of that a little bit in terms of its implementation with the leadership in store operations, as well as in retail fuel's team and their continued conversation and engagement on calls and utilizing the tools we had at the time in order to facilitate the review of our pricing strategies and the maximization of margin.
And as the tool is now just becoming engaged here in Q4, we have set the rules around those different markets. We got a talented retail fuel’s team utilizing that tool and we've got a store operations leadership team that has embraced the decentralization of pricing strategy versus the decentralization. So, I'm quite confident the fact that we have just begun the opportunity to influence not only on the margin side but I would tell you in certain markets potentially an increase in volume but again that will be market to market driven.
And on top of that then would be the fuel procurement. We're building out that fuel procurement team and we are taking a strategy in terms of looking at fuel contracts and how that might assist us in terms of enhancing the margin side of this equation, and we certainly believe that in the early days here of this engagement that we're having a positive impact and we continue to believe that that's going to grow throughout the rest of the fiscal year.

是的,邦妮,这是特里。我会告诉你,价格优化工具肯定是我们非常有信心的一个因素,而且很诚实 - 这就是零售燃料团队以及他们与我们商店运营领导层的合作关系。

如果你回想起一年前的这次电话会议,我们讨论的是零售价格优化工具的时机,坦率地说,我们在商店运营领导层的实施方面领先一点。以及零售燃料团队以及他们对电话的持续对话和参与,以及利用我们当时拥有的工具,以便于审查我们的定价策略和利润率的最大化。

由于该工具现在刚刚在第四季度开始参与,我们已经围绕这些不同的市场制定了规则。我们有一个有才华的零售燃料团队利用该工具,我们有一个商店运营领导团队,已经接受了定价策略与权力下放的分散化。因此,我非常有信心,我们刚刚开始有机会不仅影响保证金方面,而且我会在某些市场上告诉您潜在的数量增加,但这将再次由市场推动。

最重要的是燃料采购。我们正在建立燃料采购团队,我们正在制定一项战略,以查看燃料合同以及如何在增强这个等式的边际方面帮助我们,我们当然相信在这里的早期这种参与使我们产生了积极的影响,我们仍然认为这将在本财年剩余时间内实现增长。

Bonnie Herzog

Now that's really helpful and so then as you kind of look out into the future, I mean would you or do you believe that these margins can continue to expand especially when you just mentioned that you're just in the beginning of implementing some of these initiatives?

现在这真的很有帮助,所以当你展望未来时,我的意思是你或者你相信这些利润可以继续扩大,特别是当你刚刚提到你刚刚开始实施其中一些时举措?

特里汉德利

Well, certainly I think that we will find a more balanced approach to fuel our pricing strategy, which I believe we will find again opportunities in certain markets where we can expand upon the margin and find that better balance. But I think also just with regards to the environment itself will influence where margins – fuel margins go. again, as we all know and as we've talked about in this call…

当然,我认为我们会找到一种更加平衡的方法来推动我们的定价策略,我相信我们会在某些市场再次找到机会,我们可以在这些市场上扩大利润并找到更好的平衡。 但我认为,就环境本身而言,这也会影响利润率 - 燃料利润率。 再一次,正如我们所知道的那样,正如我们在这次电话中所谈到的......

Bonnie Herzog

Yeah.

是啊。

Bill Walljasper

In the past, a lot of retailers are pressured by rising minimum wage. So labor pressures, credit card fees depending on what the retail fuel price does. So I can't speak to exactly where this will go. But certainly if you look historically, we've seen rising fuel margins over the last 5 to 10 years. I don't see any reason why it should go the other direction. And certainly we're going to be right out in front as we utilize this price optimization tool. And with the great leadership that we have in the field as well as our – as well as with our retail fuels team.

在过去,很多零售商都受到最低工资上涨的压力。 因此,劳动力压力,信用卡费用取决于零售燃料价格的作用。 所以我不能确切地说出这将会发生什么。 但当然,如果从历史角度看,我们已经看到过去5到10年间燃料利润率不断上升。 我没有看到为什么它应该走向另一个方向的任何理由。 当然,当我们使用这个价格优化工具时,我们将会在前面。 凭借我们在该领域以及我们 - 以及我们的零售燃料团队中的卓越领导力。

Bonnie Herzog

Okay. And then a question on your fleet card program, you mentioned again – I think it keeps ramping a little bit slower than you expected. So I'm wondering has this improved even sequentially this quarter versus last, and maybe some of the changes that you've been implementing, and just kind of wondering how it's tracking in terms of what you might be seeing, and any lift to the fuel volume or maybe more importantly I guess in store traffic.

好的。 然后你的车队卡计划上的一个问题,你再次提到 - 我认为它比你预期的要慢一点。 所以我想知道这个季度与上一季相比有所改善,也许是你一直在实施的一些变化,并且有点想知道它是如何跟踪你可能会看到的,以及任何提升到 燃料量或者更重要的是我想在商店流量。

Bill Walljasper

Yeah. I mean certainly sequentially it is moving quarter-to-quarter. And you're right. I mean we would have liked it to have moved quicker. We anticipated it to move quicker. But we see – we continue to see growth in that regard. The universal fleet card gallon is where we've had a great surprise. And that continues to be a solid benefit for us.
And with regards to the influence on inside sales, we haven't necessarily seen the expected influence on inside sales as yet. But certainly as we begin to build out the fleet card program and the cross-sell opportunities and merchandising capabilities, we’ll certainly improve.

是啊。 我的意思是按顺序它按季度移动。 而你是对的。 我的意思是我们希望它能更快地移动。 我们预计它会更快地移动。 但我们看到 - 我们继续看到这方面的增长。 通用车队卡加仑是我们惊喜的地方。 这对我们来说仍然是一个可靠的利益。

至于对内部销售的影响,我们未必看到对内部销售的预期影响。 但当然,当我们开始建立车队卡计划以及交叉销售机会和推销能力时,我们肯定会有所改进。

Bonnie Herzog

Okay. And then if I could ask one final question, just wanted to drill down a little further on the strength in your grocery comps. You mentioned a lot of this was driven by strong packaged beverage and beer, as well as OTP.
So I was hoping you could drill down just a little further on maybe which categories or segments performed really well, and then love some color on the Memorial Day weekend for you guys specifically and possibly consumer traffic and spending, also, given the weather, I guess maybe your regions. You had better weather than a lot of us. Thanks.

好的。 然后,如果我可以问一个最后的问题,只是想在你的杂货店中进一步深入研究。 你提到很多这是由强力包装饮料和啤酒以及OTP驱动的。

所以我希望你可以进一步深入研究哪些类别或片段表现得非常好,然后在阵亡将士纪念日周末为你们特别喜欢和可能的消费者流量和消费喜欢一些颜色,考虑到天气,我 猜猜你的地区。 你的天气比我们很多人好。 谢谢。

Bill Walljasper

All right, Bonnie. This is Bill. I’ll try to take a crack at all those questions. If I missed one of them, just circle back with me, if you could, and I'll certainly respond accordingly. But with respect to the same-store sales and the growth in general merchandise category in our fourth quarter, yes, they were obviously very robust relative to some prior quarters.
And so it's a combination of several things. Obviously, we continue to look to have product refinements and promotional activity. But as you know, Bonnie, you’ve been following our stock for quite some time, and the short-term weather can affect our business.
And so, looking at the fourth quarter in the month of April, we had a significant increase in same-store sales in the categories that you would expect with favorable weather. We saw in the month of April double-digit same-store sales in the beer category, the packaged beverage category, the underlying grocery category, were all in that double-digit sales, and that's driving the overall comp in the quarter.
So with that – in that regard, as we move into the month of May, our marketing area, and we kind of referenced it in the narrative, was impacted pretty significantly across all of our 16 states by a very wet May, it’s one of the wettest May on record. To put in perspective, the farming community is behind several weeks in planting their crop. And that should be planted by now.
And so, with that, obviously, the customer traffic moves in a downward direction and that's part of the commentary that we had. You probably have seen also some of the flooding activity that we've had in our market area. It hasn't necessarily impacted physically the stores but logistically getting product to the stores, not only grocery and general merchandise but significantly fuel which causes delays. We have some outages. So, I wouldn't – I would certainly anticipate a slight impact in the month of May. But again, that's just one month as we move forward. And so, that's what gives us some optimism going forward.

好吧,邦妮。这是比尔。我会尽力解决所有这些问题。如果我错过了其中一个,如果你愿意,可以和我一起回圈,我肯定会做出相应的回应。但就我们第四季度的同店销售和一般商品类别的增长而言,是的,相对于前几个季度,它们显然非常强劲。

所以它是几件事的组合。显然,我们继续寻求产品改进和促销活动。但是如你所知,邦妮,你已经关注我们的库存已有一段时间了,短期天气会影响我们的业务。

因此,从4月份的第四季度开始,我们在同类商店中的销售量大幅增加,这些都是您在有利的天气条件下所期望的。我们在4月份看到了啤酒类别,包装饮料类别,基础杂货类别的两位数同店销售额都达到了两位数的销售额,这推动了本季度的整体竞争。

所以有了这个 - 在这方面,当我们进入五月份时,我们的营销领域,我们在叙述中引用它,在我们所有的16个州中受到非常潮湿的五月影响非常显着,它是最湿的五月记录在案。从视角来看,农业社区在种植作物方面落后数周。这应该是现在种植的。

因此,显然,客户流量向下移动,这是我们评论的一部分。您可能还看到了我们在市场区域发生的一些洪水活动。它不一定会对商店实际产生影响,但在后勤方面将商品送到商店,不仅仅是杂货店和一般商品,而且还会导致延误。我们有一些中断。所以,我不会 - 我肯定会预计在五月份会有轻微的影响。但同样,我们向前迈进仅仅一个月。所以,这就是我们前进的乐观情绪。

Bonnie Herzog

Okay. That's helpful.

好的。 这很有帮助。

Bill Walljasper

Yeah. I hope that's helpful.

是啊。 我希望这很有帮助。

Bonnie Herzog

Yes. Thank you. And then, I just want to say best of luck with everything, Terry.

是。 谢谢。 然后,我只想对所有事情说好运,特里。

特里汉德利

Thank you so much, Bonnie. It's been a pleasure.

非常感谢Bonnie。 这是我的荣幸。

Bonnie Herzog

Thanks.

谢谢。

会议主持员

Thank you. Our next question is from Kelly Bania from BMO Capital. Your line is now open.

谢谢。 我们的下一个问题来自BMO Capital的Kelly Bania。 你的生产线现已开放。

凯莉巴尼亚

Hi. Good morning. Thanks for taking my questions.

你好。 早上好。 谢谢你回答我的问题。

Bill Walljasper

Good morning.

早上好。

凯莉巴尼亚

Wanted to – good morning, Terry. Good luck to you. And congratulations. I wanted to just ask a little bit more about the fuel margins and what kind of competitive response you're seeing if any? Are you are you kind of still maintaining a similar gap to your competitors or is your fuel price optimization efforts widening that fuel margin gap or is this – and is this broadly across your markets or is there any specific region where you see more specific opportunity on that front?

想要 - 早上好,特里。 祝你好运。 并祝贺你。 我想问一下燃料利润率以及你所看到的竞争反应是什么? 您是否仍然保持与竞争对手的类似差距,或者您的燃料价格优化工作是否扩大了燃料利润率差距或者是这个 - 并且这在您的市场中广泛存在,或者您是否在任何特定区域看到更具体的机会 那个前线?

特里汉德利

Yes. Bonnie, this is Terry. I would tell you that in terms of it being a broad response from competition, it’s more of a market-to-market basis. In May cases over the years, with our prior fuel pricing strategy where we identify the competition within a particular market and we follow them ensuring that we were not going to be under sold in terms of our retail price.
That was one of those areas that we realized over time with the density of our stores and the growth, the number of our stores that the reality is we were the market leader and we were most likely holding margin opportunities down and artificially inflating volumes. So this is an opportunity for us to reverse that course and maximize those potentials in terms of margin, as well as resulting gross profit dollars to the organization.
And certainly I think within market to market situations the competitors will react differently. In some cases those particular – some competitors will look at that and say okay they've been fighting us all these years, now we have an opportunity to maybe make a little more money ourselves and that's fine. But understand we will continue to monitor the opportunities within a market to market basis, store to store, town to town and we're here at the end of the day, we're trying to drive gross profit dollars back to the organization.

是。邦妮,这是特里。我会告诉你,就竞争的广泛反应而言,它更多的是从市场到市场的基础。在多年的5月份案例中,通过我们之前的燃料定价策略,我们确定了特定市场内的竞争,并遵循这些策略,确保我们的零售价格不会出售。

这是我们随着时间的推移实现了我们商店的密度和增长,我们的商店数量,现实是我们作为市场领导者的那些领域之一,我们最有可能持有保证金机会并人为地增加交易量。因此,这是一个机会,我们可以扭转这一趋势,并在保证金方面最大化这些潜力,并为组织带来最终的毛利润。

当然,我认为在市场和市场情况下,竞争对手会有不同的反应。在某些情况下,这些特殊的 - 一些竞争对手会看到这一点,并说这些年来他们一直在与我们作战,现在我们有机会自己赚更多的钱,这很好。但了解我们将继续监控市场对市场,商店到商店,城镇到镇的机会,我们在这一天结束时,我们正试图将毛利润回到组织。

凯莉巴尼亚

Okay. That's helpful. And I guess just on comps in the quarter just seemed like a wide divergence between the grocery and general merchandise performance and especially sounds like a strong April and maybe the prepared food comps, and just curious if you saw the same kind of strength in April and as you look forward into this upcoming fiscal year you're really calling for an acceleration in that category. And so maybe just help us understand what's driving that? What's happening underneath within prepared food comps? What's really working and what's not?

好的。 这很有帮助。 而且我觉得这个季度的配件看起来就像杂货和一般商品表现之间的差异很大,特别是听起来像一个强劲的四月,也许是准备好的食品配料,而且只是好奇,如果你在四月看到同样的力量和 当你期待即将到来的财政年度时,你真的要求加速这一类别。 所以也许只是帮助我们了解是什么驱动了这个? 在准备好的食物配方中发生了什么? 什么是真的有效,什么不是?

Bill Walljasper

Yeah. I'll be happy. This is Bill, Kelly. So, with respect to -- I think you still had a question about the month of April. So any time you – first of all, any time you have a significant temperature differential on a period-over-period basis, the categories that would be impacted first and foremost are the ones you would probably expect. That would be the packaged beverages and the beer categories.
With respect to prepared foods specifically in the month of April, we actually had a mid-single-digit comp in that month of April. So we definitely saw an acceleration in that regard. We definitely had positive track in the month of April.
So now to your question about the guidance for fiscal 2020 is 3% to 6% guidance. Obviously, when you start looking at to trying to predict consumer behavior in the future, that can be obviously very challenging, especially when you are rolling out tools as we speak that we hope to effectuate change in that regard. And so that's why you get a little bit of a wider delta in this – in the prepared food category than the rest of the categories.
Now, you also see – when you look at the grocery and general merchandise category, as well as the fuel category, we have margin spread. And the part of that reason is we have tools out there already that we have confidence in that we have had some success on the fuel side. But we did complete the testing in the grocery and general merchandise side for price optimization, and believe that we have the ability to drive margin.
It becomes a little bit more challenging to predict where that comp goes, but definitely believe have we –we have that ability to grow the comp in prepared foods. Some of the things that give us that confidence as you mentioned, we just rolled out the e-commerce platform here in April. And certainly we believe that's going to give us an opportunity to increase average basket ring. Secondly, as we – as Terry alluded, the new mobile app gets launched this quarter, more streamlined approach to ordering as well is another opportunity, another avenue for our consumers to touch base with us in that category.
Then, right now, we're scheduled or planning to launch the loyalty program in the second quarter. And so we look at the cadence of Prepared Food comps over the course of fiscal 2020. We anticipate that ramp and sequentially every quarter as we move throughout the year. Hopefully, that helps you out.

是啊。我会开心。这是比尔,凯利。所以,关于 - 我认为你还有一个关于四月份的问题。所以,任何时候你 - 首先,任何时候你都会在一段时间内产生显着的温差,那些首先受影响的类别就是你可能期望的类别。这将是包装饮料和啤酒类别。

特别是在4月份的预制食品方面,我们实际上在4月份有一个中等单位数的补偿。所以我们肯定看到了这方面的加速。我们在4月份肯定有积极的发展方向。

那么现在关于2020财年指导的问题是3%到6%的指导。显然,当你开始考虑在未来尝试预测消费者行为时,这显然是非常具有挑战性的,特别是当你在推出工具时,我们希望在这方面实现变革。因此,这就是为什么你会在准备好的食品类别中获得比其他类别更广泛的三角洲。

现在,您还可以看到 - 当您查看杂货和一般商品类别以及燃料类别时,我们会有利差。而这部分原因是我们已经有了工具,我们对我们在燃料方面取得了一些成功有信心。但我们确实在杂货店和一般商品方面完成了价格优化测试,并相信我们有能力提高利润率。

预测补偿的位置会变得更具挑战性,但绝对相信我们 - 我们有能力在准备好的食物中增加补偿。正如你所提到的那些让我们充满信心的事情,我们刚刚在4月推出了电子商务平台。当然,我们相信这会让我们有机会增加平均篮圈数。其次,正如我们 - 特里提到的那样,新的移动应用程序将在本季度推出,更加简化的订购方式也是另一个机会,也是我们消费者在该类别中与我们联系的另一条途径。

然后,现在,我们已安排或计划在第二季度推出忠诚度计划。因此,我们会考虑2020财政年度准备食品补偿的节奏。我们预计,随着全年的推移,每个季度都会出现这种情况。希望,这可以帮助你。

凯莉巴尼亚

Yeah. Maybe just to follow up on that, as we think about your comment about basket and ring, is that price-driven or is that mix-driven? Or just as we think about that outlook, is that more – for 3 to 6 comps there, is that more of a traffic or a ticket acceleration that you're expecting?

是啊。 也许只是为了跟进,因为我们考虑你对篮子和戒指的评论,是价格驱动还是混合驱动? 或者就像我们考虑这种前景一样,那就是更多 - 对于那里的3到6个补偿来说,更多的是你想要的流量或票证加速吗?

Bill Walljasper

Well, it’s going to be both. I mean, definitely, we expect a ticket. One of the things that the e-commerce platform provides is, I will say, 100% automatic cross-sell opportunity to the consumer. So when you go on to that website and order a pizza or other products, it will automatically push you that direction. And so we are definitely seeing an uptick in that regard. And so it's going to be little bit of both. But early on, it’ll be generated to the average basket ring.

嗯,这将是两者兼而有之。 我的意思是,当然,我们期待一张票。 我将说,电子商务平台提供的一件事就是为消费者提供100%的自动交叉销售机会。 因此,当您访问该网站并订购比萨饼或其他产品时,它会自动向您推送该方向。 所以我们肯定会在这方面看到一个上升。 所以这两者都是一点点。 但在早期,它将产生于普通的篮圈。

凯莉巴尼亚

Okay. And maybe just another one, you mentioned the delayed plantings, the flooding. Maybe just help us understand the state of the kind of economic backdrop, the farm income, and your core consumer in your trade area.

好的。 也许只是另一个,你提到了延迟种植,洪水。 也许只是帮助我们了解您的贸易领域的经济背景,农场收入和核心消费者的状况。

Bill Walljasper

Yeah. Certainly the farm income, as you know, has been somewhat down over the last three years. The outlook here for this calendar year, there might be a slight increase in farm income, but there’s nothing dramatic that we have seen coming out of reports.
Certainly the weather patterns that we had early in the – this calendar year so far have not been conducive for the farmers and their planning. As I mentioned, the farmers are probably a couple of weeks, two to three weeks behind their planning, and that does factor into their mindset moving forward. So, again, that's kind of one of those ever-changing consumer habits things that Terry talked about that we just need to continue to adapt to.

是啊。 当然,如你所知,农业收入在过去三年中有所下降。 对于这个日历年的展望,农业收入可能略有增加,但我们从报告中看到的并没有什么戏剧性的。

当然,到目前为止,这个日历年早期的天气模式对农民及其规划来说并不利。 正如我所提到的,农民可能需要几周时间,比他们的计划落后两到三周,这确实影响了他们前进的思维方式。 所以,再次,这是特里谈到的那些不断变化的消费习惯之一,我们只需要继续适应。

会议主持员

Thank you. Our next question is from Damian Witkowski from G Research. Your line is now open.

谢谢。 我们的下一个问题来自G Research的Damian Witkowski。 你的生产线现已开放。

Damian Witkowski

Terry, it’s been a pleasure and all the best.

特里,这是一种乐趣,一切都是最好的。

特里汉德利

Yeah. Thank you.

是啊。 谢谢。

Damian Witkowski

I just have a question on the fuel margin guidance for next year and realized that that changes depending on what crude does. But just overall, does contemplate you sort of losing some market share and the range that you provided? And also, what does it contemplate in terms of value for…

我对明年的燃料利润率指引有一个问题,并意识到这取决于原油的作用。 但总的来说,是否考虑过你会失去一些市场份额和你提供的范围? 而且,它在......的价值方面考虑了什么?

特里汉德利

Well, in terms of the market share, certainly, we understand as we change our strategy or identify a renewed strategy in certain markets there will be potential loss in volume but we want to find that balance between that loss of volume and the margin increase.
So, there will be movements on both sides of that as we find that delta on a market-to-market basis. But overall, we believe that utilizing the price optimization tool, the continued cooperative effort and communications between the retail fuel’s team and store operations leadership, we'll understand those market-to-market dynamics and certainly we’ll be confident in the fact that this margin opportunity that we have, this goal that we have for fiscal 2020 is achievable as well as what we're doing on the fuel procurement side.
We can't forget about those dynamics as well and what the fuel procurement team can bring to us going forward. In terms of RINs right now, the RINs really hasn't been much of an impact at all and unless something changes here in fiscal 2020 in terms of the environment, I still don't anticipate there being any major impact or change in RIN.

那么,就市场份额而言,当然,我们理解当我们改变策略或在某些市场中确定新的策略时,会有潜在的数量损失,但我们希望在数量损失与利润增长之间找到平衡点。

因此,当我们从市场到市场的基础上发现三角洲时,双方都会有动向。但总的来说,我们相信利用价格优化工具,零售燃料团队和商店运营领导者之间的持续合作努力和沟通,我们将了解这些市场对市场的动态,当然我们对这一事实充满信心。我们拥有的这一保证金机会,我们对2020财年的这一目标是可以实现的,也是我们在燃料采购方面所做的。

我们也不能忘记这些动态以及燃料采购团队可以为我们带来什么。就目前的RIN而言,RIN实际上并没有太大的影响,除非2020财年的环境发生变化,否则我仍然没有预料到RIN会有任何重大影响或变化。

Bill Walljasper

Thank you, Damian. This is Bill Walljasper. Hey, I just wanted to say add to what Terry had to say. Terry is exactly correct. We believe RINs are embedded in the cost and so the ebb and flow of that gets kind of flushed out overall and the margin. I'm just kind of putting perspective, I mean some people ask the question we sold 18.6 million RINs in the quarter for a value of $3.5 million dollars but a couple things to think about on that fuel margin question that you had. We finished the year at $0.203 per gallon.
Obviously if you look at the guy for fiscal 2020, we are anticipating acceleration in that margin activity and obviously keeping the underlying macro environment somewhat consistent. Now that could change as you alluded to it the answer to your question but think about a couple of things with respect to cadence and the fuel category moving forward.
As we move into the first quarter, we will begin to complete the integration of our point of sale system with this new price advantage tool. And then we still have roughly about 400 stores that don't have automated price signs. We’ll begin to automate those price signs where we can in the second quarter and so that coupled with the fuel procurement activity that we just basically we just started here back in the fourth quarter.
We definitely believe we have an opportunity even though we're going to be comparing. We know we're going to be comparing against a very abnormally favorable fuel margin environment in the fall. We still think we have opportunities to grow that fuel margin.

谢谢你,达米安。这是Bill Walljasper。嘿,我只想说添加特里不得不说的话。特里是完全正确的。我们认为RIN嵌入在成本中,因此其整体和利润都会逐渐消退。我只是把观点放在一边,我的意思是有些人问这个问题,我们在这个季度售出了1860万RIN,价值350万美元,但有几件事要考虑你的燃油保证金问题。我们今年的收入是每加仑0.203美元。

显然,如果你看看2020年财政年度的那个人,我们预计这一利润活动会加速,并且显然会保持基本宏观环境的一致性。现在这可能会改变,因为你提到了你的问题的答案,但考虑一些关于节奏和燃料类别向前发展的事情。

随着我们进入第一季度,我们将开始完成我们的销售点系统与这种新的价格优势工具的整合。然后我们仍然有大约400家没有自动化价格标志的商店。我们将在第二季度开始自动化那些价格标志,以便加上我们刚刚在第四季度开始的燃料采购活动。

即使我们要进行比较,我们仍然相信我们有机会。我们知道我们将在秋季与非常不利的燃料利润率环境进行比较。我们仍然认为我们有机会增加燃料利润率。

Damian Witkowski

Okay. And then I realized Darren wouldn't sign off on the long-term plan that you guys have in place but is he – did he sign off on the 2020 guidance or is that still – because he hasn't started, he doesn’t..

好的。 然后我意识到Darren不会签署你们现有的长期计划,但他是 - 他是否签署了2020年的指导,或者仍然是 - 因为他还没有开始,他没有..

Bill Walljasper

Yeah. So I know Darren hasn’t had an opportunity. He's been inundated with a lot of material that we've sent him and the board has sent him. So I know he is going through and digesting that material. I've not heard any comments to the contrary with respect to FY 2020 plan at this point in time.

是啊。 所以我知道达伦没有机会。 他被我们寄给他的很多材料所淹没,董事会已经寄给他了。 所以我知道他正在经历并消化这种材料。 到目前为止,我还没有听到有关2020财年计划的任何相反意见。

Damian Witkowski

Yeah. All right. That’s fair. Thank you so much.

是啊。 行。 这还算公平。 非常感谢。

Bill Walljasper

You bet, Damian.

你打赌,达米安。

会议主持员

Thank you. Our next question is from Irene Nattel from RBC Capital Markets. Your line is now open.

谢谢。 我们的下一个问题来自RBC Capital Markets的Irene Nattel。 你的生产线现已开放。

Irene Nattel

Thanks. Good morning, everyone. And, Terry, I'll add my voice to the chorus of congratulations.

谢谢。 大家,早安。 而且,特里,我会在祝贺的合唱中加入我的声音。

特里汉德利

Well, thanks so much, Irene. It's been an absolute pleasure.

嗯,非常感谢,艾琳。 这是一种绝对的乐趣。

Irene Nattel

Likewise. Likewise. Sadly, we need to turn to more practical items, however. So I'm just wondering – yeah. Sorry, always comes back to that. On the fuel acquisition team, maybe you could just walk us through a little bit how you've done it historically, and what kind of changes you're thinking about making, and where you think the opportunity lies and how big it is.

同样。同样。 可悲的是,我们需要转向更实用的项目。 所以我只是想知道 - 是的。 对不起,总是回到那个。 在燃料采购团队中,也许您可以向我们介绍一下您在历史上如何做到这一点,以及您正在考虑做出哪些改变,以及您认为机会在哪里以及它有多大。

Bill Walljasper

Yes. In terms of the fuel procurement, I think that's where you're going, Irene…

是。 在燃料采购方面,我认为这就是你要去的地方,艾琳......

Irene Nattel

Yeah. Sorry. Fuel procurement. Yeah.

是啊。 抱歉。 燃料采购。是啊。

Bill Walljasper

Yeah. No. Fuel procurement, historically, we have been a rack purchaser of fuel on a daily rack pricing. And we certainly see the opportunities for growth in the basis points by looking at contracts. And we've had very limited exposure or attempted fuel contracts. We think that there, again, is a great upside there.
And – but we really needed to build out the team in terms of experience. We've identified a couple of great folks from outside the company that we've brought to the team here during the last – the back half of fiscal 2019, and they certainly have had an impact already and I believe we're just now beginning to scratch the surface, if you will, in terms of identifying these contracts. We have contracts already established, and we believe, based on those current contracts, we'll see an upward movement in the margin through basis points improvement.
We'll continue to build out the team, as well as understanding how we do a better job in terms of our fleet management as well. And so we think that there is, again, a great upside here in just being a little more deliberate in terms of how we do that and being more strategic in terms of we purchase our fuel.

是啊。从历史上看,燃料采购是我们每日机架定价的机架购买者。我们当然通过查看合同来看到基点增长的机会。而且我们的暴露或尝试燃料合同非常有限。我们认为那里再次具有很大的优势。

而且 - 但我们确实需要在经验方面建立团队。我们已经确定了一些来自公司外部的优秀人才,我们在上一次会议期间带到了这里 - 2019财年的后半段,他们肯定已经产生了影响,我相信我们刚刚开始在识别这些合同方面,如果你愿意,可以划清界限。我们已经建立了合约,我们相信,根据目前的合约,我们会看到通过基点改善的利润率上升。

我们将继续建立团队,并了解我们如何在车队管理方面做得更好。所以我们认为,就我们如何做到这一点并在我们购买燃料方面更具战略性而言,在这方面还有一个很大的好处。

Irene Nattel

That's really helpful. Thank you. And it sounds as though at this point there's absolutely no plan whatsoever to perhaps move to a sort of a national brand versus private label – Casey’s brand fuel.

这真的很有帮助。 谢谢。 而且听起来好像在这一点上绝对没有任何计划可能转向某种民族品牌而不是自有品牌 - 凯西的品牌燃料。

Bill Walljasper

No, no, absolutely. Quite frankly, Irene, and I've said this before on calls and so forth in terms of – we consider Casey’s a national brand. We consider that a fuel brand. And so we don't really see any reason to do anything different than what we're doing right now. We believe we can compete with anybody in our market wherever we operate.

不,不,绝对。 坦率地说,艾琳,我之前就电话等问题已经说过了 - 我们认为凯西是一个民族品牌。 我们认为这是一个燃料品牌。 所以我们真的没有理由做任何不同于我们现在正在做的事情。 我们相信无论我们在哪里经营,我们都可以与市场中的任何人竞争。

Irene Nattel

Absolutely. A couple of other questions, if I might. Just thinking about the fleet card and the sort of the opportunity for in-store convergence, as you roll out the loyalty program and as you roll out some of the other e-commerce tools, is there any difference in your ability to target that customer base? Do you think that sort of there's something there, particularly for the fleet card users?

绝对。 如果可能的话,还有其他几个问题。 只考虑车队卡和店内融合的机会,当您推出忠诚度计划并推出其他一些电子商务工具时,您的目标客户是否有任何差异 基础? 你认为那里有什么东西,特别是对于车队用户来说?

Bill Walljasper

Yeah. I guess I'll start that and maybe Bill can jump in here in case I go down the wrong path here, Irene. But I would tell you that I would look at that much as we're going to look at in terms of the digital engagement and the identification of our customers, their purchasing habits and how we can promote to them specifically and bring value opportunities to them as individuals based on their purchasing habits. So, certainly, it's more specific to our retail customers than maybe to our fleet customers. But I believe that there's still opportunity there as well.
And quite frankly, at store level, our store operations leadership in the field in these small communities, they know their customers, they understand their habits, their purchasing tendency, and certainly we can build a promotional structure around what we've identified in particular markets.

是啊。 我想我会开始这个,也许比尔可以跳到这里,以防我在这里走错路,艾琳。 但我会告诉你,我会看到这一点,因为我们将从数字参与和客户身份,他们的购买习惯以及我们如何向他们推广并为他们带来价值机会的角度来看待我们。 作为个人根据他们的购买习惯。 所以,当然,它对我们的零售客户而言可能比我们的车队客户更具体。 但我相信那里仍有机会。

坦率地说,在商店层面,我们在这些小社区的商店运营领导,他们了解他们的客户,他们了解他们的习惯,他们的购买倾向,当然我们可以建立一个促销结构,围绕我们特别确定的市场。

Irene Nattel

That's great. And just one final one if I might, can you address the current acquisition environment?

那很棒。 如果可能的话,最后一个,你能解决当前的收购环境吗?

Bill Walljasper

Well, right now, in terms of the acquisition environment, we still look at opportunities throughout our operating area. And there are, historically, have been some pretty high multiples being paid in some of these acquisitions. We still believe that, what I'll call, tuck-in acquisitions are best suited to us and we have – we're purchasing a great book of business on a case-by-case basis.
And we're going to continue to be disciplined. I will say that. We will continue to be disciplined in terms of our approach to acquisitions. And if we find an acquisition of some size that we feel that we have an opportunity to integrate and bring value to shareholders, then we will certainly look at that. But at the end of the day, when we make an acquisition we want to make sure it brings shareholder value and if we don't believe it's going to do that, if we believe that multiple is out of line, then we will walk away.

那么,就收购环境而言,我们仍然在整个运营领域寻找机会。 从历史上看,在这些收购中,有一些相当高的倍数。 我们仍然相信,我称之为收购,最适合我们和我们的收购 - 我们根据具体情况购买了一本很棒的商业书籍。

而且我们将继续受到纪律处分。 我会说的。 我们将继续在收购方法方面受到纪律处分。 如果我们发现某种规模的收购,我们认为我们有机会整合并为股东带来价值,那么我们一定会关注这一点。 但最终,当我们进行收购时,我们希望确保它带来股东价值,如果我们不相信它会这样做,如果我们认为多个不合适,那么我们将走开。

Irene Nattel

That's great. Thank you. And then sorry I lied. One final one, if I might. As you see sort of the shift in how you go to market on the fuel procurement side, how would you assess your abilities in your inside store categories, and do you think there may be some opportunities there as well as we move forward?

那很棒。 谢谢。 然后抱歉我撒了谎。 最后一个,如果可能的话。 正如您所看到的那样,您在燃料采购方面如何进入市场的转变,您将如何评估您在内部商店类别中的能力,您是否认为可能存在一些机会以及我们向前发展?

Bill Walljasper

Well, certainly with regards to procurement on the inside items, we have – utilizing our distribution network that we have and our ability to purchase truckload pricing. We are a major national buyer to the vast majority of our supplier. So I would tell you that when it comes to the food service side, the ingredients side, making sure that we are maximizing every opportunity in terms of commodity pricing, that's going to be key.
I will tell you, and I know – I'm confident of the fact that Darren will have the same attitude. We will not sacrifice on quality when it comes to our food category. We will always look to advantages in terms of driving costs out of products, but we will not do so to sacrifice the quality of that product.
Equipment is another opportunity where we always, on an annualized basis, we're looking to where we can do a better job in purchasing our equipment. And certainly as we go forward and we look at the need for maybe a diversity in terms of that equipment, that may change in how we look in terms of purchasing, but procurement will certainly be a continued focus for us going forward. But we've been doing that an awful long time, and we can always be better at it, but I think we're pretty damn good now.

当然,关于内部物品的采购,我们已经 - 利用我们拥有的分销网络和我们购买卡车定价的能力。我们是绝大多数供应商的主要国家买家。所以我会告诉你,在食品服务方面,成分方面,确保我们在商品定价方面最大化每一个机会,这将是关键。

我会告诉你,我知道 - 我对Darren将采取同样的态度充满信心。在我们的食品类别中,我们不会牺牲质量。我们将始终在产品的成本驱动方面寻求优势,但我们不会牺牲产品的质量。

设备是另一个机会,我们总是在年度化的基础上寻找能够更好地购买设备的地方。当然,在我们前进的过程中,我们看到可能在设备方面存在多样性的需求,这可能会改变我们在采购方面的看法,但采购肯定会成为我们未来的持续关注点。但是我们已经做了很长时间了,而且我们总能做得更好,但我认为我们现在非常好。

Irene Nattel

That's great. Thank you.

那很棒。 谢谢。

会议主持员

Thank you. Our next question is from Chuck Cerankosky from Northcoast Research. Your line is now open.

谢谢。 我们的下一个问题来自Northcoast Research的Chuck Cerankosky。 你的生产线现已开放。

Chuck Cerankosky

Good morning, everyone. Terry, best wishes as you get ready to retire. All the best to you. And it’s good to see you – you left the team with some tough comparisons for fiscal 2020.

大家,早安。 特里,你准备好退休时祝福。 祝你好运。 很高兴见到你 - 你在2020财年对团队进行了一些艰难的比较。

特里汉德利

Yes. Thank you.

是。 谢谢。

Chuck Cerankosky

Bill, could you talk a little bit about the balance sheet going into next year, expectations about free cash flow, and perhaps debt pay down, stock repurchases that sort of thing?

比尔,您能否谈谈明年的资产负债表,对自由现金流的预期,以及可能的债务减少,股票回购等等?

Bill Walljasper

Absolutely. As I mentioned in the call, we currently set it at 2.4 times debt to EBITDA. That will continue to move – we anticipate that will continue to move downward this fiscal year as we pay a little bit of our debt down, but primarily grow EBITDA over the course of this upcoming fiscal year. One of the things that Terry mentioned in the narrative was as we launched this value creation plan about 15 months ago, one of the items that was key on our list is to continue to drive free cash flow. So we fully anticipate to be free cash flow positive this upcoming year.
Now, with respect to debt, we don't have any plans at this point to take on any new debt. However, I would say we'll be opportunistic in that regard should any type of acquisitions come up that we feel we have the ability to execute on to drive shareholder value.
As you know, Chuck, it – this is a little past fiscal 2020, but we do have a bullet payment $569 million due in August of 2020. And so we are currently looking at that. And I am confident we – we have no concerns if we refinance that in whatever market we choose. And so as you know treasuries are coming down, whichmake those markets even more attractive. So if that continues along that path as we head into fiscal 2021, I believe we are setting ourselves up for a tailwind with respect to interest payments as we refinance that. I hope that answers your questions.

绝对。正如我在电话会议中提到的那样,我们目前将其债务利率设定为EBITDA的2.4倍。这将继续发展 - 我们预计本财年将继续下行,因为我们会减少一些债务,但主要是在即将到来的财政年度中增加EBITDA。特里在叙述中提到的事情之一就是我们在大约15个月前推出了这个价值创造计划,我们名单上关键的一个项目就是继续推动自由现金流。因此,我们完全预计即将到来的一年将是自由现金流。

现在,关于债务,我们目前没有任何计划来承担任何新债务。但是,我会说,如果出现任何类型的收购,我们认为我们有能力执行以推动股东价值,那么我们将在这方面投机取巧。

如你所知,Chuck,它 - 这是2020财政年度的一点点,但我们确实在2020年8月到期的子弹支付5.69亿美元。所以我们目前正在考虑这一点。我相信我们 - 如果我们在我们选择的任何市场进行再融资,我们都不会担心。因此,你知道国债正在下跌,这使得这些市场更具吸引力。因此,如果在我们进入2021财政年度时,这种情况继续沿着这条路走下去,我相信在我们再融资时,我们正在为利息支付做好准备。我希望能回答你的问题。

Chuck Cerankosky

How about share repo? Any thoughts on that story?

分享回购怎么样? 对这个故事的任何想法?

Bill Walljasper

Yeah. Share repurchase. Yeah. Right now we currently – as you saw in the fourth quarter results we do not have any share repurchases. We’ll be opportunistic on that share repurchase over the course of this year as we – to the extent as we drive free cash flow. I'm not sure and I guess Darren will have to evaluate his thoughts on that, so I don’t want to speak out of turn in that regard. But it's certainly from my perspective one thing to take on debt when you're at 1 time still up for share repurchase but when you're at 2.5 times or thereabouts it makes us think a little bit but certainly it's not off the table.
We do have an authorization out there that goes through the next June and so we'll continue to keep you updated on that. But right now I would say this [indiscernible] we’re really focusing hard as you can see from our fiscal 2019 results to execute and stand up as value creation plan and so a lot of our resources are moving that direction to drive shareholder value.

是啊。 分享回购。是啊。 目前我们目前 - 正如您在第四季度看到的结果我们没有任何股票回购。 在我们推动自由现金流的情况下,我们将在今年的股票回购中投机取胜。 我不确定,我猜Darren将不得不评估他对此的看法,所以我不想在这方面说不出话来。 但是,从我的角度来看,当你还有一次仍在进行股票回购时,有一点可以承担债务,但是当你处于2.5倍左右时,它会让我们思考一点,但肯定不会脱离桌面。

我们确实有一个授权在那里持续到明年六月,所以我们将继续为您提供最新信息。 但是现在我会说这个[音频不清晰]我们真的很专注,因为你可以从我们的2019财年业绩中看到,执行和站起来作为价值创造计划,所以我们的很多资源正朝着这个方向发展,以推动股东价值。

Chuck Cerankosky

And back to operations perhaps this is a question for Terry. What was the impact of the enhanced fuel mix on fuel margin in the fourth quarter, and should we expect more from that going forward?

回到运营中,这对特里来说也许是一个问题。 第四季度增加的燃料组合对燃料利润率的影响是什么?我们是否应该期待更多的燃料利润?

特里汉德利

I'll be happy to jump in. Product [ph] optimizations that we're talking about in fuel?

我很乐意参与进来。我们在燃料方面谈论的产品[ph]优化?

Chuck Cerankosky

Yes. Everything from diesel to clear gas to more alcohol on it.

是。 从柴油到清澈的天然气,再加上更多的酒精。

特里汉德利

Yeah. So on price optimization over the course of the fiscal year which would also include our Q4. You're roughly about 35 basis points to the fuel margin.

是啊。 因此,在财政年度的价格优化中,也包括我们的第四季度。 你的燃油余量约为35个基点。

Chuck Cerankosky

What would you say is the upside going forward or is there anybody can quantify that?

你会说什么是未来的好处还是有人可以量化这个?

Bill Walljasper

Yeah. So, when we look at product optimization going forward, we won’t cycle over those changes until roughly about the second quarter and third quarter, depending on the tranches and when we made those adjustments. So, as we move into our first quarter, we’ll continue to have that benefit and a good share of that would be in the second quarter and, again, until we cycle over those changes. We’ll continue to look for refinements and product mix with respect to diesel, premium, E-15 is another one that’s coming out that might be a larger play in fiscal 2020 and beyond. And so, we’ll keep you up-to-date on that one as well.

是啊。 因此,当我们考虑未来的产品优化时,我们不会在大约第二季度和第三季度之前轮换这些变化,具体取决于付款和我们进行这些调整的时间。 因此,当我们进入第一季度时,我们将继续获得这种效益,并且在第二季度中将有很大的份额,并且在我们对这些变化进行循环之前。 我们将继续寻求有关柴油,优质产品的优化和产品组合,E-15是另一款即将推出的产品,可能在2020财年及以后更大。 因此,我们也会让您及时了解最新信息。

Chuck Cerankosky

All right. Thank you.

行。 谢谢。

Bill Walljasper

You bet, Chuck.

你打赌,查克。

会议主持员

Thank you. [Operator Instructions] And our next question is from Anthony Lebiedzinski from Sidoti & Company. Your line is now open.

谢谢。 [操作员说明]我们的下一个问题来自Sidoti&Company的Anthony Lebiedzinski。 你的生产线现已开放。

Anthony Lebiedzinski

Yes. Good morning and thank you for taking the questions, and Terry, certainly, congratulations on your pending retirement and certainly well-deserved.

是。 早上好,谢谢你提出问题,特里,当然,祝贺你即将退休,当然是当之无愧的。

Bill Walljasper

Thank you, Tony.

托尼,谢谢你。

Anthony Lebiedzinski

Sure. So, a couple of questions on fuel. So, just wondering as far as the fuel procurement, is there any embedded already expectation within your fuel margin guidance for fiscal 2020? Are you already baking in some improvement because of the fuel procurement specifically?

当然。 所以,关于燃料的几个问题。 因此,就燃料采购而言,在2020年财政年度的燃料利润率指引中是否有任何嵌入式预期? 由于特别是燃料采购,您是否已经在改进?

特里汉德利

Yeah. Anthony, this is Terry. And certainly, we’re taking into account the expectations in terms of improvement from fuel procurement and embedded that into the margins. And so, we’re quite confident that we will reach those goals and we will certainly continue to work for continued enhancements thereof as we begin – as we move through the year and become a more adept at fuel procurement strategy.

是啊。 安东尼,这是特里。 当然,我们正在考虑燃料采购改进方面的预期,并将其纳入利润率。 因此,我们非常有信心,我们将实现这些目标,我们将继续努力,在我们开始时继续加强这些目标 - 因为我们在这一年中走得更远,并且变得更加擅长燃料采购战略。

Anthony Lebiedzinski

Got it. Thank you for that. And also, longer term, how should we think about same-store fuel volumes with the fact that there are more fuel-efficient vehicles out there on the roads? And you have mentioned vehicle miles driven have been down here as of late. So kind of longer term, what's the right way to think about the same-store fuel volumes and also taking into account your new fuel pricing strategy?

得到它了。 谢谢你。 而且,从长远来看,我们应该怎样考虑同店的燃油量,以及道路上有更多省油的车辆? 而且你已经提到车辆行驶的里程已经在这里落到了最近。 那么长期来看,考虑同店燃油量的正确方法是什么,并考虑到您的新燃油定价策略?

特里汉德利

Yeah. Anthony, again, this is Terry. I would tell you, in terms of the electric vehicles and such, I think that that is longer term down the road. As we think about the near term, I would tell you that our strategy, our approach around a balance in terms of gallon growth with margin growth is going to be more prominent, and we're very, very confident of the fact that this is the right approach, and certainly I believe the results from fiscal 2019 bear that out.
And as the tool begins to take shape and is utilized by the fuel – the retail fuels team, in cooperation with our store operations leadership, I think we'll continue to find those markets where we can potentially grow gallons, but also, more importantly or just as importantly, is that we're finding those opportunities where we can enhance margin.

是啊。 安东尼,再次,这是特里。 我会告诉你,就电动车等而言,我认为这是长期的。 当我们考虑近期时,我会告诉你,我们的策略,我们在加仑增长和保证金增长方面的平衡方法将更加突出,而且我们非常非常有信心这是 正确的方法,当然我相信2019财年的结果证明了这一点。

随着工具开始成形并被燃料利用 - 零售燃料团队,与我们的商店运营领导者合作,我想我们将继续找到我们可能增加加仑的市场,但更重要的是 或者同样重要的是,我们正在寻找可以提高利润率的机会。

Anthony Lebiedzinski

Got it. Right. Thank you for that. And also just wondering if you could just touch on the performance of your stores in some of your newer markets like Ohio and Michigan, for example.

得到它了。 对。 谢谢你。 而且还想知道您是否可以在俄亥俄州和密歇根州等一些新兴市场中了解您的商店的表现。

Bill Walljasper

Yeah. Quite frankly, those markets are doing quite well, and certainly in any new market, whether it's Michigan, Ohio, Oklahoma, Tennessee, and Kentucky, we’re a new face on the street, if you will, and we need to make sure that they understand what value that we bring to their community. And it’s not only in terms of being a fuel and food and grocery provider but also being a part of that community.
And that is one of the things I'm quite proud of over the years is that we have – as we move into new communities, we make sure that we aren't just a retailer from the state of Iowa. We are a part of that community and that we are always involved. And so we want to make sure that that continues. And that certainly plays very well for us that they understand we're there to stay, and we're there to be a part of the community.
But certainly Oklahoma has done very well for us and – as well as Arkansas. So we're excited about these new states, and we'll continue to build out those states doing a great job with them. I can’t thank the store operations seem enough to get out there and get in front of that, just done a great job.

是啊。坦率地说,这些市场表现相当不错,当然在任何新市场,无论是密歇根州,俄亥俄州,俄克拉荷马州,田纳西州还是肯塔基州,如果你愿意,我们都会在街上崭露头角,我们需要确保他们了解我们为社区带来了什么价值。它不仅是作为燃料,食品和杂货提供商而且也是该社区的一部分。

这是我多年来为此感到自豪的事情之一就是我们拥有 - 随着我们进入新社区,我们确保我们不仅仅是爱荷华州的零售商。我们是该社区的一员,我们始终参与其中。因此,我们希望确保这种情况继续下去。这当然对我们来说非常好,因为他们知道我们会留在那里,我们会在那里成为社区的一部分。

但肯定俄克拉荷马州对我们以及阿肯色州都做得很好。因此,我们对这些新州感到兴奋,我们将继续建立那些与他们合作的州。我不能不感谢商店的运营似乎足以让他们走到那儿前面,做得很好。

Anthony Lebiedzinski

All right. Well thank you so much and best of luck.

行。 非常感谢你,祝你好运。

Bill Walljasper

Hey. Thanks, Anthony. Good talking to you.

嘿。 谢谢,安东尼。 很高兴和你说话。

Anthony Lebiedzinski

Likewise.

同样。

会议主持员

Thank you. Our next question is from Chris Mandeville from Jefferies. Your line is now open.

谢谢。 我们的下一个问题来自Jefferies的Chris Mandeville。 你的生产线现已开放。

克里斯曼德维尔

Hey. Good morning. Bill, to start, can we talk about the strength in Q4, perhaps your food margin and maybe break that down a little bit? What were chief costs in the quarter and where do we stand now in terms of locking in pricing?

嘿。 早上好。 比尔,首先,我们可以谈谈第四季度的实力,也许是你的食品利润率,也许可以稍微打破一下? 本季度的主要成本是什么?我们现在在锁定价格方面的立场是什么?

Bill Walljasper

Yeah. So fourth quarter, there are several things that we’re benefiting the prepared food margin. First of all, we still were benefiting from the retail price and increases that we took in May, and then again – and we took another series in July. So that's first.
Second, you're correct. The commodity price benefit – the cheese cost in the fourth quarter was $1.73 all in. That compares to $1.87 a year ago. So just as a reminder, about every $0.10 swing is about 35 basis points – 35 to 40 basis points is the overall prepared food margin. And then lastly, a little bit of a product mix shift as we get more promotional on some of the higher margin items that's helping benefit as well. So that's kind of a synopsis there.
As far as locking on cheese, currently we are not locked in on our cheese, currently on the spot market, we're about $1.80, I think about $1.82, $1.83 all in currently which is below Q1 comparison of last year which it was about a $1.87. So we still have a favorable comparison. We will continue to look for opportunities and we contemplated this over the last probably three to four months as we look at futures made the decision to continue to buy on the spot market and has worked out very well as you can see with respect to the most recent results.

是啊。因此,第四季度,我们有几件事情可以使准备好的食品利润受益。首先,我们仍然受益于零售价格以及我们在5月份再次增加的价格,并且我们在7月份又开始了另一个系列。所以这是第一次。

第二,你是对的。商品价格优惠 - 第四季度的奶酪成本为1.73美元。相比之下,一年前为1.87美元。因此,提醒一下,每0.10美元的涨幅约为35个基点 - 35至40个基点是整体准备的食品保证金。然后,随着我们对一些有助于获益的高利润项目进行更多宣传,产品组合也会发生一些变化。那就是那里的一个概要。

至于锁定奶酪,目前我们没有锁定我们的奶酪,目前在现货市场,我们大约1.80美元,我认为目前约1.82美元,1.83美元,低于去年第一季度的比较1.87美元。所以我们仍然有一个有利的比较。我们将继续寻找机会,我们在最后可能需要三到四个月的时间考虑这个问题,因为我们看待期货决定继续在现货市场上买入并且已经很好地解决了,因为你可以看到最多最近的结果。

克里斯曼德维尔

Got it. A quick one being just on grocery. What were comps excluding cigarettes?

得到它了。 快餐就在杂货店。 什么是不包括香烟的补偿?

Bill Walljasper

Comps excluding cigarettes is going to be in a 4% to 5% range – well 400 to 500 basis point range up from where we finished.

不包括香烟的比例将在4%至5%的范围内 - 从我们完成的范围以来的400到500个基点范围内。

克里斯曼德维尔

Okay. And then can you touch a little bit on what you're doing with your digital marketing? I guess we've seen a pretty notable increase on e-mails and social media posts. So how was that affected customer engagement and maybe give us a sense of what else you might be doing and how you provided support to Chris and his team?

好的。 那你能谈谈你正在做的数字营销吗? 我想我们已经看到电子邮件和社交媒体帖子的显着增长。 那么这是如何影响客户参与的,也许让我们了解您可能正在做什么,以及您如何为Chris及其团队提供支持?

Bill Walljasper

Yeah. So certainly this is a key area for [indiscernible] one of many key areas for us and so we're obviously to provide as much support as we can for Chris to stand this up and his team. And so as you know we kicked off our new e-commerce website here in April to see much enhanced streamlined site, reducing the number of clicks that a customer has to go through. As I mentioned earlier it creates an automatic opportunity for cross-sell, so we are seeing a nice uptick in regards to that.
I think right now it's a little too early to give out any results of that here but we will at the next earnings call certainly provide some insight as to how the e-commerce platform. So along with that it does give us, we start capturing some data of our customers and along with that we started doing some different promotional opportunities running we start doing some different promotional opportunities running through that commerce site with special promotions on pizza during certain days of the week to drive that.
We’ve only done a few of those, so we don't have a lot of results, but at least what we have seen has been very successful in driving volume in what I'll call some of those off-days that you would typically would expect with respect to pizza, primarily. So, as we move forward into this fiscal year, you will continue to see an increase in social media engagement and other types of engagement with the customers because we are launching a couple of new products, as I mentioned. Obviously the loyalty is one in Q2, but also the mobile app here will start this month from now on.

是啊。因此,对于我们来说,这对于[音频不清晰]的关键领域来说无疑是一个关键领域,所以我们显然能够为克里斯提供尽可能多的支持,以支持他和他的团队。因此,您知道我们在4月份启动了新的电子商务网站,以查看大量增强的简化网站,从而减少客户必须经历的点击次数。正如我之前提到的,它为交叉销售创造了一个自动机会,所以我们看到了一个很好的上升。

我认为现在发布任何结果还为时尚早,但我们将在下一次财报电话会议上提供一些有关电子商务平台的见解。因此,它确实给了我们,我们开始捕捉客户的一些数据,并且随着我们开始做一些不同的促销机会,我们开始在该商业网站上做一些不同的促销机会,并在特定的日子里对比萨饼进行特别促销。开车那一周。

我们只完成了其中的一些,所以我们没有太多的结果,但至少我们所看到的已经非常成功地推动了我所谓的那些日子里的音量。通常会对比萨饼有所期待。因此,随着我们进入本财政年度,您将继续看到社交媒体参与度增加以及与客户的其他类型的互动,因为我们正在推出一些新产品,正如我所提到的。显然,忠诚度是第二季度的忠诚度,但此后的移动应用程序也将从现在开始。

克里斯曼德维尔

And then just the final one for me being actually on product innovation on food service. Might be a little bit preliminary being how Darren is coming into the mix here, but any initial thoughts on how you feel about your menu board today in terms of breadth and quality?

然后,最后一个实际上是关于食品服务的产品创新。 可能有点初步了解Darren是如何进入混合的,但是对于你今天对菜单板的宽度和质量的看法有什么初步想法?

Bill Walljasper

Well, I mean, we've been very fortunate and blessed over the last 50-plus years. We've been very, with our prepared food operation, have been very successful in the products. Pizza is the primary product, as you know. But as we evolve into new states, new consumer preferences, this is an area that needs to evolve.
I know Chris and his team is working diligently on product innovation, but also kind of maybe a product reimaging with different packaging, different ways to package the products to present the products. And that's just starting under way right now. We'll have a lot more detail around that very aspect in the next conference call, but it is a high priority in the food service category for us.

嗯,我的意思是,在过去的50多年里,我们一直非常幸运和幸福。 通过我们准备好的食品操作,我们一直非常成功。 如您所知,披萨是主要产品。 但随着我们逐渐进入新的状态,新的消费者偏好,这是一个需要发展的领域。

我知道克里斯和他的团队正在努力进行产品创新,但也有一种产品可能会采用不同的包装,不同的方式来包装产品以展示产品。 而那刚刚开始正在进行中。 在下次电话会议中,我们将围绕这一方面提供更多详细信息,但对于我们来说,它是食品服务类别的重中之重。

克里斯曼德维尔

All right. Great. Terry, congratulations. Please enjoy your retirement. It’s been a privilege working with you.

行。 大。 特里,恭喜。 请享受退休生活。 与您合作是一种荣幸。

Bill Walljasper

Yes, you too. Thank you, Chris. Appreciate it.

你也是。 谢谢你,克里斯。 欣赏它。

会议主持员

Thank you. Our next question is from Chris Prykull from Goldman Sachs. Your line is now open.

谢谢。 我们的下一个问题来自Goldman Sachs的Chris Prykull。 你的生产线现已开放。

Chris Prykull

Good Morning, guys Thanks for squeezing me in. And, Terry, congratulations. So just a couple of follow-up questions for me. On the prepared same-store sales guidance for fiscal 2020, how are you all thinking about the cadence of that? Would it be fair to characterize it as maybe more back half weighted just given the timing of some of your initiative rollouts? And then what does it assume from a competitive standpoint? And maybe give us an update on what you're seeing from QSR in particular.

早安,伙计们,谢谢你们挤进去。而且,特里,恭喜你。 所以对我来说只是一些后续问题。 在为2020财年准备的同店销售指导中,您如何考虑节奏的节奏? 考虑到你的一些主动推出的时机,将它描述为可能更加后半加权是否公平? 然后从竞争的角度来看它是什么? 并且可能会向我们提供有关您从QSR中看到的内容的最新信息。

特里汉德利

Well, I would tell you – this is Terry. I would tell you that yes to answer the first part of your question that you will see the - more of it in terms of the back half of the fiscal year. As Bill just mentioned, the e-commerce platform has just rolled out here at the end of April. And while we see a nice jump – actually, a very, very nice jump in terms of the year over online orders, we certainly understand that there's still a great deal of upside there.
The mobile app is coming here in Q1. And then certainly the loyalty program rolling out in Q2 is – as of right now is presently scheduled. So we certainly believe that the back half of the year is where that upside will come in terms of sales.
In terms of the competition, I'll speak specifically to the pizza competitors and – whom we faced as obviously very competitive right now from a promotional perspective. It's something that we are continuing to assess. And I'm very, very confident that Darren will take that in terms of his assessment in how that strategy might look going forward regarding our pricing promotion on the whole pie -- the whole pizza pie, as well as in terms of our sandwich combos relative to the QSR.
So it's obviously become a very competitive market. Everybody is fighting for every last dollar.
We're right there with them, but we also want to make sure that it's a balanced approach and that we certainly aren’t being overprescribed when it comes to the promotional topic.

好吧,我会告诉你 - 这是特里。我会告诉你,回答问题的第一部分是肯定的,你会看到 - 更多的是在财政年度的后半部分。正如比尔刚刚提到的那样,电子商务平台刚刚在4月底推出。虽然我们看到了一个不错的跳跃 - 实际上,就今年的在线订单而言非常非常好的跳跃,我们当然明白那里仍有很大的好处。

移动应用程序将在第一季度上映。当然,第二季度推出的忠诚度计划 - 目前正在安排。因此,我们当然相信今年下半年的销售额将会出现上升趋势。

在竞争方面,我将专门讨论披萨竞争对手 - 我们面对的是从促销的角度来看,显然非常具有竞争力。这是我们正在继续评估的事情。而且我非常非常有信心Darren会根据他对整个馅饼的价格促销 - 以及我们的三明治组合方面的价格推广方式的评估方式来评估相对于QSR。

所以它显然成为一个竞争激烈的市场。每个人都在争取每一美元。

我们与他们在一起,但我们也希望确保这是一种平衡的方法,当谈到促销主题时,我们当然不会过度使用。

Chris Prykull

Great. That's helpful. And then if I could just go back to the fuel margin guidance for one second, I guess when you think about the building blocks of how you get to the guidance, is it fair to assume that you start with the three- or five-year average fuel margin which is somewhere between $0.19, $0.195, and then you layer in some benefit from the C-store competitive dynamics that you discussed earlier and then you sort of layer in pricing mix procurement benefits on top of that?

非常好。 这很有帮助。 然后,如果我能够回到燃油余量指导一秒钟,我想当你考虑如何获得指导的基石时,假设你从三年或五年开始是公平的 平均燃油余量在0.19美元到0.195美元之间,然后你从前面讨论过的C-store竞争动态中获得了一些好处,然后你就可以在价格组合采购效益上加以分层?

Bill Walljasper

The short answer to that would be yes.

对此的简短回答是肯定的。

Chris Prykull

Okay. Perfect. And then maybe one last one, just how are you thinking about the interplay between the fleet card and price optimization, and specifically the impacts to gallons versus margins as the year progresses? I guess maybe more explicitly, how should we think about the cadence of same-store gallon growth as the fleet card ramps?

好的。 完善。 那么也许最后一个,你是如何考虑车队卡和价格优化之间的相互作用,特别是随着时间的推移对加仑与利润的影响? 我想也许更明确一点,我们应该如何看待同店加仑增长的节奏,就像车队卡匝道一样?

Bill Walljasper

Yeah. I guess I would – Bill may have a different opinion on this, but I would look at them as somewhat being a little different in terms of what those opportunities present. But we will continue to roll out the fleet card program in terms of – we see great opportunity here, especially in our markets where we have great density.
And so we certainly will look to the potential there where, in the back half of the year, we'll start to see that start to scale up as the fleet card program becomes more in tune with our – that consumer base and they start to utilize that to a greater degree.

是啊。 我想我会 - 比尔可能对此有不同的看法,但我认为它们在这些机会存在方面有点不同。 但我们将继续推出车队卡计划 - 我们在这里看到了很好的机会,特别是在我们密集的市场。

因此,我们当然会关注那里的潜力,在今年的后半段,我们将开始看到随着车队卡计划与我们的消费者群体更加协调而开始扩大规模,他们开始 在更大程度上利用它。

Bill Walljasper

Yeah. Just to add to that, in addition to the fleet card ramping up and the universal program ramping up as well, As loyalty is launched in the back half of the year we also anticipate some opportunities there to drive some volume. So as Terry mentioned we definitely believe that we have an opportunity to from a glide path to increases in the back half.

是啊。 除此之外,除了车队卡的增加和通用计划的增加之外,由于忠诚度在今年下半年推出,我们还预计会有一些机会来推动一些交易量。 因此,特里提到我们绝对相信我们有机会从滑行路径到后半段的增加。

Chris Prykull

Great. Really helpful and good luck this fiscal year.

非常好。 这个财政年度真的很有帮助,祝你好运。

Bill Walljasper

Thank you.

谢谢。

会议主持员

Thank you. Our next question is from John Royall from JPMorgan. Your line is now open.

谢谢。 我们的下一个问题来自摩根大通的John Royall。 你的生产线现已开放。

John Royall

Hey. Good morning, guys Thanks for squeezing me in. Most of my questions have been answered I just had one quick one. In prepared foods, you can talk about the promotional activity by QSR competitors that you guys have alluded to in the past and that’s evolved in 4Q and maybe what you're seeing in 1Q So far?

嘿。 大家早上好,谢谢你们挤进去。我的大多数问题都得到了解答我只有一个问题。 在准备好的食物中,你可以谈谈你们过去曾提到的QSR竞争对手的促销活动,这些活动是在第四季度发展的,也许你们在第一季度看到了什么?

Bill Walljasper

Absolutely, John. This is an area that continues to be very competitive. It has been competitive for some time now. And so some of the activity that we are seeing, as you might imagine it comes into the pizza category. Pizza roughly is about half of the prepared food and clown category in totality. And so the aggressiveness in pricing and promotional activity from our peers continues to elevate.
And so we continue to try to respond to that. And so that's what we're – that's mainly we're referring to but there are other QSRs also that are also being more proactive in their value propositions and so depending on the market area where we have our stores, we certainly are cognizant of that and we track what we deem to be our top competitors with respect to their promotional activity in our movement.

当然,约翰。 这个领域仍然非常具有竞争力。 它已经有一段时间具有竞争力了。 所以我们看到的一些活动正如您可能想象的那样进入披萨类别。 披萨大致约为准备食物和小丑类别的一半。 因此,我们同行的定价和促销活动的积极性继续提升。

所以我们继续尝试回应这一点。 这就是我们所说的 - 这主要是我们所指的,但也有其他QSR也在他们的价值主张中更加积极主动,因此根据我们拥有商店的市场区域,我们当然认识到这一点 我们跟踪我们认为是我们运动中促销活动的最佳竞争对手。

John Royall

Great. Thank you.

非常好。 谢谢。

Bill Walljasper

You bet.

你打赌。

会议主持员

Thank you. At this time I'm showing no further questions. I would like to turn the call back over to Terry Handley, President and CEO for closing remarks.

谢谢。 这时我没有再问任何问题了。 我想把这个电话转回总裁兼首席执行官特里汉德利的闭幕词。

特里汉德利

I would like to thank everyone for joining us this morning and close the call by reiterating our key initiatives, our design to position Casey's for accelerated revenue growth and improve profitability through our long-term value creation plan.
This will be accomplished through a disciplined capital allocation strategy that focus – focuses on prioritizing high return growth and profitable initiatives. We strongly believe the combination of these actions will continue our long-term track record of driving shareholder value. Thanks, everyone and have a great day.

我要感谢大家今天早上加入我们,并通过重申我们的关键举措来结束这一呼吁,我们的设计旨在通过我们的长期价值创造计划来加速凯西的收入增长并提高盈利能力。

这将通过严格的资本分配战略来实现,该战略的重点是优先考虑高回报增长和有利可图的举措。 我们坚信,这些行动的结合将延续我们推动股东价值的长期记录。 谢谢大家,祝你有个美好的一天。

会议主持员

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect.

女士们,先生们,感谢您参加今天的会议。 该计划到此结束。 您现在可以断开连接。

相关问题

  • Caseys General Stores 电话会议
  • Caseys General Stores 财务报告

互联网券商的港股、美股开户教程

如果您对美股 或者 港股也感兴趣, 或者想要了解如何开户, 可以加我wechat: xiaobei060537 , 同时也可以拉您进美股交流群哦。
最后的最后 祝大家都有一个美好的投资生活哦。

大家也可以关注【美股指南】公众号, 即可获得《小白投资美股指南(雪球「岛」系列)》电子书

写在最后

友情提示 转载请注明出处: https://investguider.com/topics/10503
暂无回复。
需要 登录 后方可回复, 如果你还没有账号请点击这里 注册