Casey's General Stores plans to open at least 400 stores over the next three years, driven mainly by strong pizza sales.
The Iowa retailer, the third-largest convenience store operator in the country, built its new three-year plan around three priorities: store growth, food and beverage expansion, and kitchen technology upgrades. The company plans to add 120 stores during the current fiscal year. Its previous plan, launched in 2023, delivered more than 500 new stores and earned the company a spot in the S&P 500.
"Our growth strategy is expanding Casey's Country in a disciplined way," said Ena Williams, chief operations officer. "That includes the successful integration of CEFCO, our largest acquisition to date, which strengthened our presence in Texas and expanded Casey's reach across the South."
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For the quarter ended April 30, Casey's net income rose 65.5% to $162.7 million, or $4.37 a share, up from $98.3 million a year earlier. Inside same-store sales increased 5.5%, while fuel volume at the same locations gained 1.5%.
"Our success over the last three years reinforces what makes Casey's unique: a differentiated model that brings together restaurant-quality food, best-in-class convenience, and fuel at scale," said Darren Rebelez, president and CEO. "As we enter our next three-year plan, we are focused on expanding our food business, growing our store base, and leveraging technology to improve efficiency and execution."
Food is where Casey's separates itself from other gas station stops. The chain has sold pizza since 1984 and ranks fifth nationally behind Domino's, Pizza Hut, Little Caesars, and Papa Johns. Then came the chicken wings rollout, generating strong early returns.
"In Des Moines, where wings have been available for more than a year, sales are up 20% year over year, reinforcing the significant opportunity we see as we expand the platform across our nearly 3,000 stores," said Tom Brennan, chief merchandising officer.
A large unpromoted pizza at Casey's averages $13.99 with double reward points, against a Midwest average of $17.10, according to a Bank of America report. National pizza chains have to eat rising food costs. Casey's covers some of that with fuel, where margins reached 41 cents a gallon in March. About half its pizza sales come from single slices, an option most national chains skip.
Casey's is pulling customers away from restaurants. Pizza Hut lost more than 8% of its domestic systemwide sales in 2025 while the retailer posted a record year, and Bank of America told clients the geographic overlap suggests Casey's is steering sales away.
Rural markets anchor the expansion. In fiscal 2025, 71% of Casey's locations operated in towns with fewer than 20,000 residents, where land costs remain low and chain competition is sparse.