Cost of living, fuel has Couche-Tard customers cutting back on snacks
The convenience store chain's chief executive Alex Miller says shoppers are being more deliberate about their purchases as the cost of living and fuel rises.
As rising living costs and fuel prices prompt consumers to reconsider their purchases, some shoppers at Alimentation Couche-Tard Inc. convenience stores are cutting back on buying snack foods. Chief executive Alex Miller told reporters that customers are becoming more selective with their buys as the cost of living and fuel prices climb.
This cautionary spending trend is leading to a decline in sales of packaged soft drinks, salty snacks, and sweets compared to usual levels. To adjust to this shift in consumer behavior, Miller revealed that Couche-Tard is reorganizing its store layouts, refining its product range, and adjusting promotions to better align with current demand.
His comments followed Couche-Tard's announcement that its net earnings attributable to shareholders rose to US$828.5 million in the first quarter, up from US$782.5 million in the same period last year. The Laval, Quebec-based company reported revenues of US$21.7 billion, an increase from US$17.3 billion a year earlier.
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