Couche-Tard continues robust growth - First quarter revenues climb 25%



    
    -------------------------------------------------------------------------
    - Net earnings jump 26.8% excluding the non-recurring tax expense in
      Q1-2007
    - Earnings per share on a diluted basis increased from $0.26 to $0.33
      excluding the item indicated above
    - Store acquisition program delivers positive contribution
    - Growth in same-store sales overcomes volatile U.S. markets
    -------------------------------------------------------------------------

    TSX:  ATD.A, ATD.B
    

    LAVAL, QC, Aug. 29 /CNW Telbec/ - Alimentation Couche-Tard Inc. extended
its strong performance into a new fiscal year with revenues of $3.6 billion in
the first quarter of 2008, an increase of $716.4 million or 25.1%.
    Net earnings for the 12-week period ended July 22, 2007 grew 54.9% to
$69.1 million, equal to $0.34 per share or $0.33 on a diluted basis. Net
earnings for Q1-2007 were reduced by an unusual tax expense of $9.9 million.
Excluding this factor, net earnings grew by 26.8%.
    "We are very pleased with this momentum," said Alain Bouchard, Chairman,
President and CEO. "It shows that initiatives such as our IMPACT program as
well as our branding and pricing strategies are producing solid internal
growth despite tough markets right now, especially in the south of the United
States."
    "Also, the company-operated stores acquired during the last 12 months are
already profitable and they have yet to reach their full potential."

    
    Highlights of the First Quarter of Fiscal 2008

    Business Acquisitions On June 5, 2007, Couche-Tard finalized, with
Sterling Stores LLC, the acquisition of 28 company-operated stores operating
under the Sterling banner and five land parcels, all located in northwest
Ohio, United States.
    During the quarter, the Company also acquired four other stores through
four separate transactions.

    Growth of the Store Network
                                            Company-
                                           operated  Affiliated
                                             stores      stores       Total
                                          -----------------------------------
    Number of stores, beginning
     of period                                4,072       1,441       5,513
      Acquisitions                               32           -          32
      Openings / constructions / additions       10          89          99
      Closures / withdrawals                    (15)        (14)        (29)
      Conversions into company-operated
       stores                                     3          (3)          -
                                          -----------------------------------
    Number of stores, end of period           4,102       1,513       5,615
                                          -----------------------------------
                                          -----------------------------------


    IMPACT Program

    During the first quarter, Couche-Tard implemented its IMPACT program in 67
company-operated stores. As a result, 52.4% of the company-operated stores
have now been converted to the IMPACT program, which gives the Company
considerable opportunity for future internal growth.

    Dividends

    On August 29, 2007, the Board of Directors of Couche-Tard declared a
dividend of Cdn$0.03 per share to shareholders on record as at September 5,
2007, and approved its payment for September 13, 2007. This is an eligible
dividend within the meaning of the Income Tax Act.

    Exchange Rate Data

    The Company reports in US dollar given the predominance of its operations
in the United States and its US dollar denominated debt.
    The following table presents relevant exchange rates information based
upon the Bank of Canada closing rates expressed as US dollars per Cdn$1.00:

                                                      12-week periods ended
                                                      ----------------------
                                                        July 22,    July 23,
                                                           2007        2006
                                                      -----------------------
    Average for period(1)                                0.9313      0.8966
    Period end                                           0.9537      0.8784

    -------------------
    (1) Calculated by taking the average of the closing exchange rates of
        each day in the applicable period.


    Selected Consolidated Financial Information

    The following tables highlight certain information regarding Couche-
    Tard's operations for the 12-week periods ended July 22, 2007 and
    July 23, 2006:

    (In millions of
     US dollars, unless
     otherwise stated)       12-week periods ended
                             ------------------------------------------------
                                July 22,    July 23,
                                   2007        2006           Variation
                             ------------------------------------------------
    Statement of
     Operations Data:
    Merchandise and
     service revenues(1):
      United States               838.5       705.5       133.0        18.9%
      Canada                      424.1       387.7        36.4         9.4%
                             ------------------------------------------------
      Total merchandise
       and service revenues     1,262.6     1,093.2       169.4        15.5%
                             ------------------------------------------------
    Motor fuel revenues:
      United States             2,022.3     1,520.7       501.6        33.0%
      Canada                      288.6       243.2        45.4        18.7%
                             ------------------------------------------------
      Total motor fuel
       revenues                 2,310.9     1,763.9       547.0        31.0%
                             ------------------------------------------------
    Total revenues              3,573.5     2,857.1       716.4        25.1%
                             ------------------------------------------------
                             ------------------------------------------------
    Merchandise and
     service gross
     profit(1):
      United States               273.8       237.2        36.6        15.4%
      Canada                      147.5       135.4        12.1         8.9%
                             ------------------------------------------------
      Total merchandise
       and service gross
       profit                     421.3       372.6        48.7        13.1%
                             ------------------------------------------------
    Motor fuel gross profit:
      United States               109.5        70.3        39.2        55.8%
      Canada                       18.2        15.4         2.8        18.2%
                             ------------------------------------------------
      Total motor fuel
       gross profit               127.7        85.7        42.0        49.0%
                             ------------------------------------------------
    Total gross profit            549.0       458.3        90.7        19.8%
    Operating, selling,
     administrative and
     general expenses             393.9       339.4        54.5        16.1%
    Depreciation and
     amortization of
     property and equipment
     and other assets              37.7        27.8         9.9        35.6%
                             ------------------------------------------------
    Operating income              117.4        91.1        26.3        28.9%
                             ------------------------------------------------
    Net earnings                   69.1        44.6        24.5        54.9%
                             ------------------------------------------------
                             ------------------------------------------------
    Other Operating Data:
    Merchandise and service
     gross margin(1):
      Consolidated                 33.4%       34.1%       (0.7%)
      United States                32.7%       33.6%       (0.9%)
      Canada                       34.8%       34.9%       (0.1%)
    Growth of same-store
     merchandise
     revenues(2)(3):
      United States                 3.5%        4.7%
      Canada                        5.4%        2.9%
    Motor fuel gross margin:
      United States
       (cents par gallon)(3)      16.73       13.60        3.13        23.0%
      Canada
      (Cdn cents per litre)        5.00        4.75        0.25         5.3%
    Volume of motor fuel
     sold(4):
      United States
       (millions of gallons)      685.2       534.9       150.3        28.1%
      Canada
      (millions of litres)        390.6       361.7        28.9         8.0%
    Growth of same-store motor
     fuel volume(3):
      United States                (1.8%)       3.6%
      Canada                        7.6%        3.4%
                             ------------------------------------------------
    Per Share Data:
      Basic net earnings
       per share
      (dollars per action)         0.34        0.22        0.12        54.5%
      Diluted net earnings
       per share
      (dollars per action)         0.33        0.21        0.12        57.1%

                             ------------------------------------------------
                                July 22,   April 29,
                                   2007        2007           Variation
                             ------------------------------------------------
    Balance Sheet Data:
      Total assets              3,181.6     3,043.2       138.4         4.5%
      Interest-bearing debt       847.3       870.0       (22.7)       (2.6%)
      Shareholders' equity      1,255.6     1,145.4       110.2         9.6%
    Ratios:
      Net interest-bearing
       debt/total
       capitalization(5)         0.35:1      0.39:1
      Net interest-bearing
       debt/EBITDA(6)            1.28:1(7)   1.48:1
    -------------------------------------------------------------------------
    (1) Includes other revenues derived from franchise fees, royalties and
        rebates on some purchases by franchisees and licensees.
    (2) Does not include services and other revenues (as described in
        footnote 1 above). Growth in Canada is calculated based on Canadian
        dollars.
    (3) For company-operated stores only.
    (4) Includes volume of franchisees and dealers.
    (5) This ratio is presented for information purposes only and represents
        a measure of financial condition used especially in financial
        circles. It represents the following calculation: long-term interest-
        bearing debt, net of cash and cash equivalents and temporary
        investments, divided by the addition of shareholders' equity and
        long-term debt, net of cash and cash equivalents and temporary
        investments. It does not have a standardized meaning prescribed by
        Canadian generally accepted accounting principles (GAAP) and
        therefore may not be comparable to similar measures presented by
        other public companies.
    (6) This ratio is presented for information purposes only and represents
        a measure of financial condition used especially in financial
        circles. It represents the following calculation: long-term interest-
        bearing debt, net of cash and cash equivalents, divided by EBITDA
        (Earnings Before Interest, Tax, Depreciation and Amortization). It
        does not have a standardized meaning prescribed by Canadian GAAP and
        therefore may not be comparable to similar measures presented by
        other public companies.
    (7) This ratio was standardized over a period of one year. It includes
        the results of the first quarter of the year ending April 27, 2008
        as well as the second, third and fourth quarters of the year ended
        April 29, 2007.


    Operating Results

    Revenues amounted to $3.6 billion for the 12-week period ended July 22,
2007, up $716.4 million for an increase of 25.1%, of which $572.6 million is
attributable to the acquisitions carried out over the past 12 months. The
Company earned 80.1% of its revenues in the United States, compared with 77.9%
in the same quarter of the previous year.

    Merchandise and service revenues grew $169.4 million or 15.5%, of which
$102.8 million was generated by the stores acquired during the past 12 months
and $16.3 million was generated by the 3.9% appreciation of the Canadian
dollar against its U.S. counterpart. Internal growth, as measured by the
increase in same-store merchandise revenues, was 3.5% in the United States and
5.4% in Canada. This satisfactory growth of 3.5% in the U.S. stems primarily
from Couche-Tard's pricing strategies customized for the competitive
environment of each of their six region markets. More, the implementation of
beer caves in their IMPACT renovations continues to provide sustained growth
in this product category. The Canadian market continues to benefit from the
ongoing economic boom in Western Canada. The Eastern and Central regions of
the country also performed well with their customized product offering and
promotions.

    Motor fuel revenues increased $547.0 million or 31.0%, of which
$67.6 million stems from a higher average retail price at the pump in the US
and Canadian company-operated stores.
    The following table shows the average retail pump prices observed over the
past 24 months:

                                                                   Weighted
    Quarter                     2nd       3rd       4th       1st   average
    -------------------------------------------------------------------------
    52-week period ended
     July 22, 2007
      United States
       (US dollars per
       gallon)                 2.61      2.26      2.52      2.98      2.60
      Canada
       (Cdn cents per litre)  89.87     80.27     90.11     98.49     89.22
    53-week period ended
     July 23, 2006
      United States
       (US dollars per
       gallon)                 2.62      2.33      2.30      2.86      2.51
      Canada
       (Cdn cents per litre)  95.65     84.61     88.63     96.08     90.82
    -------------------------------------------------------------------------

    The stores acquired over the past 12 months contributed 142.3 million
gallons during the first quarter, or $469.8 million in revenues. Internal
growth, as measured by same-store motor fuel volume, fell 1.8% in the United
States and rose 7.6% in Canada. In the first quarter of 2008, Southeast and
Florida/Gulf Coast regions made efforts to rebuild their clientele, following
their strategies of the last quarter of fiscal 2007. These efforts were not
done at the expense of the margin. In the U.S. Great Lakes region,
Couche-Tard's competitors had recourse during the quarter to very aggressive
promotions in which the Company did not participate, choosing to preserve
their margin. This strategy was positive on the margin of that region. In
Canada, growth is due to the strong economy in Western Canada combined with
the pricing strategies implemented in Central Canada and the growing
popularity of the CAA program in Quebec.

    Merchandise and service gross margin was 33.4% in the first quarter of
2008, down from 34.1% in the first quarter of 2007. In the United States, the
gross margin was 32.7%, down from 33.6% last year and in Canada, it fell
slightly to 34.8% from 34.9% last year. In the U.S., facing an unstable
economic environment and continuous high motor fuel retail prices, many of
Couche-Tard's regional markets chose to be conservative and selected
strategies aiming to maintain and increase their customer base. This involved
customized, aggressive promotions which did not pass increased supply costs
completely to customers. These strategies will be re-assessed as customers and
competitors become more responsive to retail price increases. Also, some of
the stores acquired during the last 12 months were pursuing a discount
strategy which has also depressed our margins and will require some time to
reposition. In Canada, the slight drop in gross margin also results from the
Company's more aggressive pricing strategies and from a more important
percentage of lower margin items in its product-mix.

    Motor fuel gross margin for the company-operated stores in the United
States increased to 16.73 cents per gallon compared with 13.60 cents per
gallon the previous year. The trend in Canada was similar-the motor fuel gross
margin was Cdn5.00 cents per litre compared with Cdn4.75 cents per litre for
the quarter ended July 23, 2006. As Couche-Tard stated in previous quarters,
the volatility of gross margin from one quarter to another tends to stabilize
on an annual basis.
    The following table provides some information related to the motor fuel
gross margin of Couche-Tard's company-operated stores in the United States for
the last eight quarters:

    (US cents per gallon)
                                                                   Weighted
    Quarter                     2nd       3rd       4th       1st   average
    -------------------------------------------------------------------------
    52-week period ended
     July 22, 2007
      Before deduction of
       expenses related to
       electronic payment
       modes                  20.73     13.19     13.12     16.73     15.61
      Expenses related to
       electronic payment
       modes                   3.77      3.12      3.59      4.15      3.62
      -----------------------------------------------------------------------
      After deduction of
       expenses related to
       electronic payment
       modes                  16.96     10.07      9.53     12.58     11.99
      -----------------------------------------------------------------------
    53-week period ended
     July 23, 2006
      Before deduction of
       expenses related to
       electronic payment
       modes                  17.05     17.63     10.96     13.60     14.82
      Expenses related to
       electronic payment
       modes                   3.50      3.24      3.31      3.82      3.46
      -----------------------------------------------------------------------
      After deduction of
       expenses related to
       electronic payment
       modes                  13.55     14.39      7.65      9.78     11.36
      -----------------------------------------------------------------------
    -------------------------------------------------------------------------


    Operating, selling, administrative and general expenses increased by 0.2%
as a percentage of merchandise and service revenues. This is primarily due to
the increase in expenses related to electronic payment modes, which vary in
line with motor fuel retail prices. Excluding such expenses, operating,
selling, administrative and general expenses fell 0.3%, confirming
Couche-Tard's tightened management of these costs.

    Earnings before interests, taxes, depreciation and amortization
(EBITDA) (1) increased by 30.4%, of which 17.3% results from internal growth,
following the reasons mentioned above. Applying a comparable motor fuel net
margin(2), EBITDA is showing a growth of 22.5% for the first quarter of fiscal
2008.

    Depreciation and amortization of property and equipment and other assets
increased primarily from investments made in 2007 and in the first quarter of
2008 through acquisitions and the ongoing implementation of the Company's
IMPACT program in its network.

    Financial expenses were up $6.5 million compared with the quarter ended
July 23, 2006. The increase is primarily due to higher average borrowings
partially offset by the drop in average interest rate.

    -------------------
    (1) Earnings before interests, taxes, depreciation and amortization is
        not a performance measure defined by Canadian GAAP, but management,
        investors and analysts use this measure to evaluate the Company's
        operating and financial performance. Note that the Company's
        definition of this measure may differ from the ones used by other
        companies.
    (2) The motor fuel net margin consists of the motor fuel gross margin net
        of expenses related to electronic payment modes. The comparable motor
        fuel net margin is defined as the actual motor fuel net margin for
        the period adjusted for the volume pumped and the motor fuel net
        margin realized during the corresponding period of the year before.


    Income tax rate for this quarter is 32.5%, down from the 34.0% posted last
year. This excludes the unusual income tax expense of $9.9 million recorded
during the first quarter of 2007 following the adoption by the Government of
Quebec of Bill 15 in the National Assembly of Quebec.

    Couche-Tard closed the first quarter of fiscal 2008 with net earnings of
$69.1 million, which equals $0.34 per share or $0.33 per share on a diluted
basis, compared with $44.6 million last year. Net earnings rose $24.5 million
or 54.9%. Considering a comparable motor fuel net margin(1) and excluding the
unusual income tax expense posted following the adoption of Bill 15, net
earnings would have increased by $8.2 million or 18.4% The stores acquired
during the last 12 months have contributed positively to net earnings of the
quarter. They have not generated their full potential yet, but their
integration is going according to plan.

    Liquidity and Capital resources

    Couche-Tard's capital expenditures and acquisitions carried out during the
first quarter of fiscal 2008 were mainly financed using its available cash and
credit facilities. In the future, Couche-Tard is confident that it will be
able to finance its capital expenditures and acquisitions through a
combination of cash flows from operating activities, additional debt,
monetization of its real estate portfolio and, as a last resort, by share
issuances.
    As at July 22, 2007, $525.0 million was used under the term revolving
operating credit and the effective interest rate was 6.23%. Couche-Tard also
has a subordinated unsecured debt of $350.0 million. In addition,           
Cdn$0.8 million and $16.6 million were used for standby letters of credit.

    -------------------
    (1) The motor fuel net margin consists of the motor fuel gross margin net
        of expenses related to electronic payment modes. The comparable motor
        fuel net margin is defined as the actual motor fuel net margin for
        the period adjusted for the volume pumped and the motor fuel net
        margin realized during the corresponding period of the year before.

    Selected Consolidated Cash Flow Information

    (In millions of US dollars)           12-week periods ended
                                          -----------------------------------
                                            July 22,    July 23,  Variation
                                               2007        2006           $
                                          -----------------------------------
    Operating activities
      Cash flows(1)                           106.3        75.7        30.6
      Other                                   (18.5)       17.1       (35.6)
                                          -----------------------------------
    Net cash provided by operating
     activities                                87.8        92.8        (5.0)
                                          -----------------------------------
    Investing activities
      Business acquisitions                   (53.8)     (139.9)       86.1
      Purchase of property and equipment,
       net of proceeds from the disposal
       of property and equipment              (34.7)      (28.0)       (6.7)
      Proceeds from sale and leaseback
       transactions                            10.7         5.2         5.5
      Other                                    (1.0)       (8.2)        7.2
                                          -----------------------------------
    Net cash used in investing activities     (78.8)     (170.9)       92.1
                                          -----------------------------------
    Financing activities
      Increase in long-term borrowing          11.8           -        11.8
      Issuance of shares                        4.1           -         4.1
      Repayment of long-term debt              (0.1)       (1.9)        1.8
                                          -----------------------------------
    Net cash provided by (used in)
     financing activities                      15.8        (1.9)       17.7
                                          -----------------------------------
                                          -----------------------------------
    Company credit rating
       Standard and Poor's                       BB          BB
       Moody's                                  Ba1         Ba1
    -------------------------------------------------------------------------
    (1) These cash flows are presented for information purposes only and
        represent a performance measure used especially in financial circles.
        They represent cash flows from net earnings, plus depreciation and
        amortization, loss on disposal of assets and future income taxes.
        They do not have a standardized meaning prescribed by Canadian GAAP
        and therefore may not be comparable to similar measures presented by
        other public companies.


    Operating activities

    During the first quarter, the cash used in other elements related to
operating activities is due to the variance in non-cash working capital, which
results primarily from the increase in inventory and accounts receivable,
offset in part by the increase in income taxes payable.

    Investing activities

    Couche-Tard's major investment during the quarter was the acquisition of
the Sterling stores. Capital expenditures are primarily related to the ongoing
implementation of the IMPACT program throughout the network, as well as the
replacement of equipment in some stores to enhance the offering of products
and services.

    Financing activities

    During the first quarter of fiscal 2008, Couche-Tard borrowed
$11.8 million through its operating credit and issued shares following the
exercise of stock options in the amount of $4.1 million.

    Financial Position

    As demonstrated by the indebtedness ratios included in the "Selected
Consolidated Financial Information" section and by the cash flows, Couche-Tard
has an excellent financial position.
    The increase in Couche-Tard's total assets stems primarily from the
$57.8 million increase in Property and equipment and the $35.0 million
increase in Inventory. These increases are primarily due to the acquisition of
28 Sterling stores. Cash and cash equivalents also increased by $29.6 million,
resulting mainly from net cash provided by operating activities.

    Summary of Quarterly Results


                            12-week
    (In millions of US       period
     dollars except for       ended
     per share data,        July 22,
     unaudited)                2007     52-week period ended April 29, 2007
    -------------------------------------------------------------------------
    Quarter                     1st       4th       3rd       2nd       1st
    Weeks                  12 weeks  12 weeks  16 weeks  12 weeks  12 weeks
                           --------------------------------------------------
    Revenues                3,573.5   2,972.6   3,498.0   2,759.7   2,857.1
                           --------------------------------------------------
    Income before
     depreciation and
     amortization of
     property and equipment
     and other assets,
     financial expenses
     and income taxes         155.1      99.0     125.0     149.2     118.9
    Depreciation and
     amortization of
     property and equipment
     and other assets          37.7      34.4      43.3      28.3      27.8
                           --------------------------------------------------
    Operating income          117.4      64.6      81.7     120.9      91.1
                           --------------------------------------------------
    Financial expenses         15.0      14.4      16.6       8.5       8.5
                           --------------------------------------------------
    Net earnings               69.1      33.4      43.7      74.7      44.6
                           --------------------------------------------------
                           --------------------------------------------------
    Net earnings per share
      Basic                   $0.34     $0.17     $0.22     $0.37     $0.22
      Diluted                 $0.33     $0.16     $0.21     $0.36     $0.21
    -------------------------------------------------------------------------


                                            Extract from the 53-week period
                                                       ended April 30, 2006
    -------------------------------------------------------------------------
    Quarter                                         4th       3rd       2nd
    Weeks                                      13 weeks  16 weeks  12 weeks
                                          -----------------------------------
    Revenues                                    2,638.9   2,944.2   2,391.9
                                          -----------------------------------
    Income before
     depreciation and
     amortization of
     property and equipment
     and other assets,
     financial expenses
     and income taxes                              84.0     128.2     115.6
    Depreciation and
     amortization of
     property and equipment
     and other assets                              26.8      33.4      24.0
                                          -----------------------------------
    Operating income                               57.2      94.8      91.6
                                          -----------------------------------
    Financial expenses                              8.5      10.8       7.5
                                          -----------------------------------
    Net earnings                                   32.1      54.5      55.5
                                          -----------------------------------
                                          -----------------------------------
    Net earnings per share
      Basic                                       $0.16     $0.27     $0.27
      Diluted                                     $0.15     $0.26     $0.27
    -------------------------------------------------------------------------


    Outlook

    During fiscal 2008, Couche-Tard will pursue its investments in order to
deploy its IMPACT program in approximately 400 stores and build or acquire
approximately 60 stores on a individual basis. The Company's capital budget
for the fiscal year 2008 is approximately $300.0 million, which Couche-Tard
plans to finance with its net cash provided by operating activities. The
Company is confident to be able to carry out approximately 250 store
acquisitions.
    While Couche-Tard is aware that its results depend on several external
factors, including the exchange rate effect and the motor fuel net margin, it
is confident to be able to increase its profitability during this fiscal year.

    Profile

    Alimentation Couche-Tard Inc. is the leader in the Canadian convenience
store industry. In North America, Couche-Tard is the second largest
independent convenience store operator (whether integrated with a petroleum
company or not) in terms of number of stores. Couche-Tard currently operates a
network of 5,615 convenience stores, 3,444 of which include motor fuel
dispensing, located in nine large geographic markets, including six in the
United States covering 29 states and three in Canada covering six provinces.
More than 45,000 people are employed throughout Couche-Tard's retail
convenience network and service centers.

    The statements set forth in this press release, which describes
Couche-Tard's objectives, projections, estimates, expectations or forecasts,
may constitute forward-looking statements within the meaning of securities
legislation. Positive or negative verbs such as "plan", "evaluate",
"estimate", "believe" and other related expressions are used to identify such
statements. Couche-Tard would like to point out that, by their very nature,
forward-looking statements involve risks and uncertainties such that its
results, or the measures it adopts, could differ materially from those
indicated or underlying these statements, or could have an impact on the
degree of realization of a particular projection. Major factors that may lead
to a material difference between Couche-Tard's actual results and the
projections or expectations set forth in the forward-looking statements
include the effects of the integration of acquired businesses and the ability
to achieve projected synergies, fluctuations in margins on motor fuel sales,
competition in the convenience store and retail motor fuel industries,
exchange rate variations, and such other risks as described in detail from
time to time in the reports filed by Couche-Tard with securities authorities
in Canada and the United States. Unless otherwise required by applicable
securities laws, Couche-Tard disclaims any intention or obligation to update
or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. The forward-looking information in
this release is based on information available as of the date of the release.

    Conference Call on August 29, 2007 at 2:30 P.M. (Montreal Time)
    ---------------------------------------------------------------

    Financial analysts and investors who wish to participate in the conference
call on Couche-Tard's results can dial 1-800-733-7571 a few minutes before the
start of the call. For those unable to participate, a taped re-broadcast will
be available August 29, 2007 from 4:30 p.m. until September 5, 2007 at 11:59
p.m., by dialing 1-877-289-8525 - access code 21243691 followed by the # key.
Also, a webcast of the conference call will be available on the website of the
Company for a period of 90 days after the conference call. Members of the
media and other interested parties are invited to listen in.


    CONSOLIDATED STATEMENTS OF EARNINGS
    (in millions of US dollars, except per share amounts, unaudited)

    For the 12-week periods ended                       July 22,    July 23,
                                                           2007        2006
    -------------------------------------------------------------------------
                                                              $           $
    Revenues                                            3,573.5     2,857.1
    Cost of sales                                       3,024.5     2,398.8
    -------------------------------------------------------------------------
    Gross profit                                          549.0       458.3
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    Operating, selling, administrative and
     general expenses                                     393.9       339.4
    Depreciation and amortization of property and
     equipment and other assets                            37.7        27.8
    -------------------------------------------------------------------------
                                                          431.6       367.2
    -------------------------------------------------------------------------
    Operating income                                      117.4        91.1
    Financial expenses                                     15.0         8.5
    -------------------------------------------------------------------------
    Earnings before income taxes                          102.4        82.6
    Income taxes (Note 9)                                  33.3        38.0
    -------------------------------------------------------------------------
    Net earnings                                           69.1        44.6
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Net earnings per share (Note 4)
      Basic                                                0.34        0.22
      Diluted                                              0.33        0.21
    Weighted average number of shares (in thousands)    202,599     202,041
    Weighted average number of shares - diluted
     (in thousands)                                     208,169     208,125
    Number of shares outstanding at end of period
     (in thousands)                                     202,817     202,048
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (NOTE 2)
    (in millions of US dollars, unaudited)

    For the 12-week periods ended                       July 22,    July 23,
                                                           2007        2006
    -------------------------------------------------------------------------
                                                              $           $
    Net earnings                                           69.1        44.6
    Other comprehensive income, net of income taxes
      Net change in unrealized gains (losses) on
       translating Canadian and corporate operations
       into the reporting currency                         40.3        (8.3)
      Net change in unrealized gains on
       available-for-sale financial assets                  0.1           -
    -------------------------------------------------------------------------
    Other comprehensive income                             40.4        (8.3)
    -------------------------------------------------------------------------
    Comprehensive income                                  109.5        36.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes are an integral part of the consolidated financial
    statements.


    CONSOLIDATED STATEMENTS OF CONTRIBUTED SURPLUS
    (in millions of US dollars, unaudited)

    For the 12-week periods ended                       July 22,    July 23,
                                                           2007        2006
    -------------------------------------------------------------------------
                                                              $           $
    Balance, beginning of period                           13.4         9.4
    Stock-based compensation (Note 6)                       1.1         1.0
    Fair value of stock options exercised                  (1.5)          -
    -------------------------------------------------------------------------
    Balance, end of period                                 13.0        10.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF RETAINED EARNINGS
    (in millions of US dollars, unaudited)
    For the 12-week periods ended                       July 22,    July 23,
                                                           2007        2006
    -------------------------------------------------------------------------
                                                              $           $
    Balance, beginning of period, as previously reported  681.9       505.0
    Impact of changes in accounting policies (Note 2)       0.9           -
    -------------------------------------------------------------------------
    Balance, beginning of period, as restated             682.8       505.0
    Net earnings                                           69.1        44.6
    -------------------------------------------------------------------------
                                                          751.9       549.6
    Dividends                                              (5.8)       (4.5)
    -------------------------------------------------------------------------
    Balance, end of period                                746.1       545.1
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------


    CONSOLIDATED STATEMENTS OF ACCUMULATED OTHER COMPREHENSIVE
    INCOME (NOTE 2)
    (in millions of US dollars, unaudited)

    For the 12-week periods ended                       July 22,    July 23,
                                                           2007        2006
    -------------------------------------------------------------------------
                                                              $           $
    Balance, beginning of period, as previously
     reported (Note 2)                                     97.8       100.6
    Impact of changes in accounting policies (Note 2)       0.4           -
    -------------------------------------------------------------------------
    Balance, beginning of period, as restated              98.2       100.6
    Net changes in other comprehensive income during
     the period, net of income taxes                       40.4        (8.3)
    -------------------------------------------------------------------------
    Balance, end of period                                138.6        92.3
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes are an integral part of the consolidated financial
    statements.


    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in millions of US dollars, unaudited)

    For the 12-week periods ended                       July 22,    July 23,
                                                           2007        2006
    -------------------------------------------------------------------------
                                                              $           $
    Operating activities
    Net earnings                                           69.1        44.6
    Adjustments to reconcile net earnings to net cash
     provided by operating activities
      Depreciation and amortization of property and
       equipment and other assets, net of amortization
       of deferred credits and financing fees recorded
       in long-term debt                                   33.0        25.0
      Future income taxes                                   5.4         4.1
      (Gain) loss on disposal of property and equipment
       and other assets                                    (1.2)        2.0
      Deferred credits                                      4.9         5.0
      Other                                                 3.4         3.7
      Changes in non-cash working capital                 (26.8)        8.4
    -------------------------------------------------------------------------
    Net cash provided by operating activities              87.8        92.8
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    Investing activities
    Business acquisitions (Note 3)                        (53.8)     (139.9)
    Purchase of property and equipment                    (39.6)      (31.2)
    Proceeds from sale and leaseback transactions          10.7         5.2
    Proceeds from disposal of property and equipment
     and other assets                                       4.9         3.2
    Increase in other assets                               (1.0)       (3.2)
    Liabilities related to business acquisitions              -        (5.0)
    -------------------------------------------------------------------------
    Net cash used in investing activities                 (78.8)     (170.9)
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    Financing activities
    Increase in long-term debt                             11.8           -
    Issuance of shares                                      4.1           -
    Repayment of long-term debt                            (0.1)       (1.9)
    -------------------------------------------------------------------------
    Net cash provided by (used in) financing activities    15.8        (1.9)
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
    Effect of exchange rate fluctuations on cash and
     cash equivalents                                       4.8        (1.7)
    -------------------------------------------------------------------------
    Net increase (decrease) in cash and cash equivalents   29.6       (81.7)
    Cash and cash equivalents, beginning of period        141.7       331.5
    -------------------------------------------------------------------------
    Cash and cash equivalents, end of period              171.3       249.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Supplemental information:
      Interest paid                                        22.9        17.1
      Income taxes paid                                    12.0         3.7
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes are an integral part of the consolidated financial
    statements.


    CONSOLIDATED BALANCE SHEETS
    (in millions of US dollars)
                                                          As at       As at
                                                        July 22,   April 29,
                                                           2007        2007
                                                     (unaudited)   (audited)
    -------------------------------------------------------------------------
                                                              $           $
    Assets
    Current assets
      Cash and cash equivalents                           171.3       141.7
      Accounts receivable                                 216.8       199.0
      Inventories                                         417.1       382.1
      Prepaid expenses                                     13.6        13.5
      Future income taxes                                  21.2        22.7
    -------------------------------------------------------------------------
                                                          840.0       759.0
    Property and equipment                              1,729.4     1,671.6
    Goodwill                                              387.2       373.8
    Trademarks and licenses                               168.7       168.7
    Deferred charges                                       14.1        25.8
    Other assets                                           41.6        43.4
    Future income taxes                                     0.6         0.9
    -------------------------------------------------------------------------
                                                        3,181.6     3,043.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Liabilities
    Current liabilities
      Accounts payable and accrued liabilities            752.3       740.3
      Income taxes payable                                 63.4        46.6
      Current portion of long-term debt                     0.5         0.5
      Future income taxes                                   0.1         0.1
    -------------------------------------------------------------------------
                                                          816.3       787.5
    Long-term debt                                        846.8       869.5
    Deferred credits and other liabilities                185.5       161.9
    Future income taxes                                    77.4        78.9
    -------------------------------------------------------------------------
                                                        1,926.0     1,897.8
    - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

    Shareholders' equity
    Capital stock                                         357.9       352.3
    Contributed surplus                                    13.0        13.4
    Retained earnings (Note 2)                            746.1       681.9
    Accumulated other comprehensive income (Note 2)       138.6        97.8
    -------------------------------------------------------------------------
                                                        1,255.6     1,145.4
    -------------------------------------------------------------------------
                                                        3,181.6     3,043.2
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The accompanying notes are an integral part of the consolidated financial
     statements.


    NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
    (in millions of US dollars, except per share amounts, unaudited)

    1. CONSOLIDATED FINANCIAL STATEMENTS PRESENTATION

    The unaudited interim consolidated financial statements have been prepared
by the Company in accordance with Canadian generally accepted accounting
principles. These consolidated financial statements were prepared in
accordance with the same accounting policies and methods as the audited annual
consolidated financial statements for the year ended April 29, 2007, with the
exception of the accounting changes described in Note 2 below. The unaudited
interim consolidated financial statements should be read in conjunction with
the audited annual consolidated financial statements and notes thereto in the
Company's 2007 Annual Report (the 2007 Annual Report). The results of
operations for the interim periods presented do not necessarily reflect
results expected for the full year.
    The Company's business follows a seasonal pattern. The busiest period is
the first half-year of each fiscal year, which includes summer's sales.

    2. ACCOUNTING CHANGES

    Financial Instruments - Recognition and Measurement

    On April 30, 2007, the Company adopted Canadian Institute of Chartered
Accountants (CICA) Handbook Section 3855 "Financial Instruments - Recognition
and Measurement", which establishes standards for recognition and measurement
of financial assets, financial liabilities and non-financial derivatives. This
new standard must be implemented retroactively without restatement of prior
periods financial statements.
    The Company made the following classifications:
                                                              Classification
    Financial assets                         Subsequent       of gains and
    and liabilities       Classification     measurement(1)   losses
    -------------------------------------------------------------------------
    Cash and cash
     equivalents          Held-for-trading   Fair value       Net earnings

    Accounts receivable   Loans and
                           receivables       Amortized cost   Net earnings

    Investments in                                            Other
     publicly-traded      Available-for-                       comprehensive
     securities            sale              Fair value        income

    Bank indebtedness     Other financial
     and long-term debt    liabilities       Amortized cost   Net earnings

    Accounts payable and  Other financial
     accrued liabilities   liabilities       Amortized cost   Net earnings

    (1) Initial measurement of all financial assets and liabilities is at
        fair value.

    As of April 30, 2007, the impact of the implementation of the
classifications described above is a $0.5 increase in Other assets, a $0.1
increase in the long-term Future income tax liability and a $0.4 increase in
Accumulated other comprehensive income. These adjustments relate to an
investment in publicly-traded securities held by the Company. For the 12-week
period ended July 22, 2007, the impact is an increase of $0.1 in other
comprehensive income.
    Section 3855 also requires that transaction costs be i) recognized in
income when incurred or ii) added to or deducted from the amount of the
financial asset or liability to which they are directly attributable when the
asset or liability is not classified as held-for-trading. The Company has
deferred financing costs attributable to its Subordinated unsecured debt which
were previously deferred and amortized over the term of the debt.
Consequently, the Company elected to apply the accounting policy that consists
of deducting financing costs from the amount of the financial liability to
which they are directly attributable. As of April 30, 2007, this change
resulted in a decrease of $11.6 in Deferred charges, of $13.1 in Long-term
debt, in an increase of $0.6 in the long-term Future income tax liability and
of $0.9 in Retained earnings. For the 12-week period ended July 22, 2007, the
impact is not significant.

    Hedges

    Effective April 30, 2007, the Company adopted CICA Handbook Section 3865
"Hedges", which establishes circumstances under which hedge accounting may be
applied. The purpose of hedge accounting is to ensure that gains, losses,
revenues and expenses related to a hedging item and to the hedged item are
recognized in net income in the same period.
    As described in Note 4 and Note 23 of the consolidated financial
statements included in the 2007 Annual Report, the Company uses interest rate
swaps as part of its program for managing the interest rate of its
Subordinated unsecured debt. These interest rate swaps have been designated
and documented as an effective fair value hedge of the Subordinated unsecured
debt. Under the new standard, changes in the fair value of the swaps and the
debt are recognized in net income, counterbalancing each other, with the
exception of any ineffective portion of the hedging relationship. On the
balance sheet, the fair value of the interest swaps is recorded in Other
assets if it is favourable for the Company or in Deferred credits and other
liabilities if it is unfavourable for the Company.
    The Company also designates its entire US dollars denominated long-term
debt as a foreign exchange hedge of its net investment in its U.S.
self-sustaining subsidiaries. Accordingly, corresponding foreign exchange
gains and losses are recorded in Accumulated other comprehensive income in the
Shareholders' equity to offset the foreign currency translation adjustments on
the investments.
    As of April 30, 2007, these changes resulted in an increase of $14.9 in
Deferred credits other long-term liabilities and in a decrease of $14.9 in
Long-term debt.

    Comprehensive Income

    On April 30, 2007, the Company adopted CICA Handbook Section 1530
"Comprehensive Income". This Section introduces a new financial statement
which presents the change in equity of an enterprise from transactions and
other events and circumstances from non-owner sources. These transactions
include net changes in unrealized gains and losses on translating Canadian and
corporate operations into the reporting currency as well as unrealized gains
and losses related to changes in the fair value of certain financial
instruments that are not recorded in net earnings. These two types of
transactions are recorded in Other comprehensive income.
    The result of the implementation of this new standard is that, beginning
in the first quarter of fiscal 2008, the Company includes, in its consolidated
financial statements, a consolidated statement of comprehensive income while
the cumulative net changes in other comprehensive income are included in
Accumulated other comprehensive income, which is presented as a new category
of Shareholders' equity. Consequently, an amount of $97.8 presented in
cumulative translation adjustments as at April 29, 2007 has been reclassified
to Accumulated other comprehensive income.

    Disclosure and presentation

    On April 30, 2007, the Company adopted CICA Handbook Section 3861
"Financial Instruments - Disclosure and Presentation", which replaces
Section 3860, of the same name. Section 3861 establishes standards for
presentation of financial instruments and non-financial derivatives, and
identifies the information that should be disclosed about them.

    Equity

    Effective April 30, 2007, the Company adopted CICA Handbook Section 3251
"Equity", which replaces Section 3250 "Surplus". This new section establishes
standards for the presentation of equity and changes in equity during the
reporting period and requires the Company to present separately equity
components and changes in equity arising from i) net earnings; ii) other
comprehensive income; iii) other changes in retained earnings; iv) changes in
contributed surplus; v) changes in share capital; and vi) changes in reserves.

    3. BUSINESS ACQUISITIONS

    Effective June 5, 2007, the Company purchased 28 company-operated stores
and five land parcels from Sterling Stores LLC. The acquired stores operate
under the Sterling banner in northwest Ohio, United States.
    In addition, during the 12-week period ended July 22, 2007, the Company
purchased four stores through four distinct transactions.
    These acquisitions were settled for a total cash consideration of $53.8,
including direct acquisition costs. The preliminary allocations of the
purchase price of the acquisitions were established based on available
information and on the basis of preliminary evaluations and assumptions
management believes to be reasonable. Since the Company has not completed its
fair value assessment of assets acquired, the preliminary allocations are
subject to adjustments to the fair value of the assets and liabilities until
the process is completed. The preliminary allocations are based on the
estimated fair values on the dates of acquisition:
                                                                          $
    Tangible assets acquired
      Inventories                                                       3.1
      Property and equipment                                           47.0
    -------------------------------------------------------------------------
    Total tangible assets                                              50.1
    -------------------------------------------------------------------------
    Liabilities assumed
      Accounts payable and accrued liabilities                          0.3
      Deferred credits and other liabilities                            0.5
    -------------------------------------------------------------------------
    Total liabilities                                                   0.8
    -------------------------------------------------------------------------
    Net tangible assets acquired                                       49.3
    -------------------------------------------------------------------------
    Non-compete agreements                                              1.0
    Goodwill                                                            3.5
    -------------------------------------------------------------------------
    Total consideration paid, including direct acquisition costs       53.8
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    The Company expects that approximately $2.4 of the goodwill related to
these transactions will be deductible for tax purposes.

    4. NET EARNINGS PER SHARE

                          12-week period                12-week period
                       ended July 22, 2007           ended July 23, 2006
                  -----------------------------------------------------------
                           Weighted                      Weighted
                            average                       average
                             number                        number
                                 of       Net                  of       Net
                             shares  earnings              shares  earnings
                      Net       (in       per       Net       (in       per
                 earnings thousands)    share  earnings thousands)    share
                  -----------------------------------------------------------
                        $                   $         $                   $
    Basic net
     earnings
     attributable
     to Class A
     and B
     shareholders    69.1   202,599      0.34      44.6   202,041      0.22
    Dilutive
     effect of
     stock options            5,570     (0.01)              6,084     (0.01)
                  -----------------------------------------------------------
    Diluted net
     earnings
     available for
     Class A and B
     shareholders    69.1   208,169      0.33      44.6   208,125      0.21
                  -----------------------------------------------------------
                  -----------------------------------------------------------

    A total of 610,645 stock options are excluded from the calculation of the
diluted net earnings per share due to their antidilutive effect for the
12-week period ended July 22, 2007. There are 230,600 stock options excluded
from the calculation for the 12-week period ended July 23, 2006.

    5. CAPITAL STOCK

    As at July 22, 2007, the Company has 56,175,312 (56,232,652 as at     July
23, 2006) issued and outstanding Class A multiple voting shares each
comprising ten votes per share and 146,641,334 (145,815,634 as at July 23,
2006) outstanding Class B subordinate voting shares each comprising one vote
per share.

    6. STOCK-BASED COMPENSATION AND OTHER STOCK-BASED PAYMENTS

    As at July 22, 2007, 8,820,715 stock options for the purchase of Class B
subordinate voting shares are outstanding (9,299,780 as at July 23, 2006).
These stock options can be gradually exercised at various dates until May 15,
2017, at an exercise price varying from Cdn$2.38 to Cdn$25.71. Three series of
stock options totaling 95,000 stock options at exercise prices ranging from
Cdn$23.35 to Cdn$23.54 were granted since the beginning of the fiscal year.
    For the 12-week period ended July 22, 2007, the stock-based compensation
costs amount to $1.1. For the 12-week period ended July 23, 2006, the
stock-based compensation costs amount to $1.0.
    The fair value of stock options granted is estimated at the grant date
using the Black & Scholes option pricing model on the basis of the following
weighted average assumptions for the stock options granted during the period:

      - risk-free interest rate of 4.23%;
      - expected life of 8 years;
      - expected volatility of 32%;
      - expected quarterly dividend of Cdn$0.03 per share.

    The weighted average fair value of stock options granted since the
beginning of the year is Cdn$10.06 (Cdn$11.70 as at July 23, 2006). A
description of the Company's stock-based compensation plan is included in
Note 20 of the consolidated financial statements presented in the 2007 Annual
Report.

    7. EMPLOYEE FUTURE BENEFITS

    For the 12-week period ended July 22, 2007, the Company's total net
pension expense included in its consolidated statement of earnings amounts to
$1.4. For the corresponding 12-week period ended July 23, 2006, the expense is
$1.2. The Company's pension plans are described in Note 21 of the consolidated
financial statements presented in the 2007 Annual Report.

    8. SEGMENTED INFORMATION

    The Company operates convenience stores in the United States and in
Canada. It essentially operates in one reportable segment, the sale of goods
for immediate consumption, services and motor fuel through company-operated
stores or franchise and affiliated operations. It operates a convenience store
chain under several banners, including Couche-Tard, Mac's and Circle K.
Revenues from outside sources mainly fall into two categories: merchandise and
services and motor fuel.
    The following table provides the information on the principal revenue
classes as well as geographic information:

                          12-week period                12-week period
                       ended July 22, 2007           ended July 23, 2006
                  -----------------------------------------------------------
                   United                        United
                   States    Canada     Total    States    Canada     Total
                  -----------------------------------------------------------
                        $         $         $         $         $         $
    External
     customer
     revenues(a)
    Merchandise
     and services   838.5     424.1   1,262.6     705.5     387.7   1,093.2
    Motor fuel    2,022.3     288.6   2,310.9   1,520.7     243.2   1,763.9
                  -----------------------------------------------------------
                  2,860.8     712.7   3,573.5   2,226.2     630.9   2,857.1
                  -----------------------------------------------------------
                  -----------------------------------------------------------
    Gross Profit
    Merchandise
     and services   273.8     147.5     421.3     237.2     135.4     372.6
    Motor fuel      109.5      18.2     127.7      70.3      15.4      85.7
                  -----------------------------------------------------------
                    383.3     165.7     549.0     307.5     150.8     458.3
                  -----------------------------------------------------------
                  -----------------------------------------------------------
    Property and
     equipment
     and
     goodwill(a)  1,619.0     497.5   2,116.5     922.6     451.7   1,374.3
                  -----------------------------------------------------------
                  -----------------------------------------------------------

    (a) Geographic areas are determined according to where the Company
        generates operating income (where the sale takes place) and according
        to the location of the property and equipment and goodwill.

    9. INCOME TAXES

    On June 9, 2006, the Government of Québec adopted Bill 15 in the National
Assembly of Québec, regarding amendments to the Taxation Act and other
legislative provisions. As a result, for the 12-week period ended July 23,
2006, the Company has recorded an unusual retroactive income tax expense of
$9.9. This legislative modification will not have a significant impact on the
effective income tax rate of the Company in the future.

    10. RECENTLY ISSUED ACCOUNTING STANDARDS NOT YET IMPLEMENTED

    Capital disclosures and financial instruments disclosures and
    presentation

    In December 2006, the CICA issued three new standards: Section 3862
"Financial Instruments - Disclosures", Section 3863 "Financial Instruments -
Presentation" and Section 1535 "Capital Disclosures". These three new
standards are applicable to fiscal years beginning on or after October 1,
2007.
    Section 3862 describes the required disclosures related to the
significance of financial instruments on the entity's financial position and
performance and the nature and extent of risks arising from financial
instruments to which the entity is exposed and how the entity manages those
risks. This Section complements principles of recognition, measurement and
presentation of financial instruments of Section 3855 "Financial Instruments -
Recognition and Measurement", 3863 "Financial Instruments - Presentation" and
3865 "Hedges".
    Section 3863 establishes standards for presentation of financial
instruments and non-financial derivatives. It complements standards of Section
3861 "Financial Instruments - Disclosure and Presentation".
    Section 1535 establishes standards for disclosing information about an
entity's capital and how it is managed to enable users of financial statements
to evaluate the entity's objectives, policies and procedures for managing
capital.
    The Company will implement these three new standards in its first quarter
of fiscal year 2009 and is currently evaluating the impact of their adoption
on its consolidated financial statements.

    Inventories

    In June 2007, the CICA issued Handbook Section 3031 "Inventories", in
replacing Section 3030, of the same name. The new section provides guidance on
the basis and method of measurement of inventories and allows for reversal of
previous write-downs. Finally, the section also establishes new standards on
disclosure of accounting policies used, carrying amounts, amounts recognized
as an expense, write-downs and the amount of any reversal of any write-downs.
    This new standard is applicable to fiscal years beginning on or after
January 1, 2008. The difference in the measurement of opening inventory may be
applied to the opening inventory for the period, with an adjustment to opening
retained earnings without prior periods being restated, or retrospectively
with a restatement of prior periods. The Company will implement this standard
in its first quarter of fiscal year 2009 and is currently evaluating the
impact of its adoption on its consolidated financial statements.

    11. COMPARATIVE FIGURES

    Certain comparative figures have been reclassified to comply with the
presentation adopted in the current year.
    




For further information:

For further information: Alain Bouchard, Chairman of the Board,
President and Chief Executive Officer; Richard Fortin, Executive
Vice-President and Chief Financial Officer; (450) 662-3272,
info@couche-tard.com, www.couche-tard.com


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