Casey's General Stores, Inc.

Casey's is becoming a food business that happens to sell fuel: prepared food and pizza pull traffic, margins are expanding, and wings are being scaled into a second occasion. The return now depends on rebuilding the stores it acquired — cost today, sales later. How much of Casey's inside sales growth is coming from the remodeled Cefco stores?

• Prepared food grows on visits, not price hikes.

  Prepared food led the store every quarter, and management says growth comes from more visits, not higher prices — Casey's has barely raised prices while the pizza chains kept raising theirs. That gap pulls guests away from restaurants. What share of Casey's inside sales now comes from prepared food?

• Wings are becoming a second food occasion, not a pizza add-on.

  Wings went from a test to roughly 850 stores, and about 38% of wing orders are wings alone; those guests buy prepared food roughly 30% more often. Management says it could eventually be as big as pizza.

• Rebuilding the bought stores dents sales before it pays.

  Stores under remodelling sat closed or half-built for four to six weeks in Q1 FY2027, clipping same-store sales. Until the kitchens go in they make about half a normal Casey's food margin, so the reported numbers understate the business. How many Cefco stores still need kitchens and a Casey's remodel?