In the US, convenience store operator Couche-Tard has reported a 24.7 per cent increase in revenue for the fourth quarter ended 27 April, hitting US$3.7bn.

Revenue growth has been attributed to acquisitions and an increase in fuel prices, although tight fuel profit margins and 'unfavourable economic conditions' caused net earnings for the period to fall by over 50 per cent to US$15.5m.

'I am proud that we have had these results even with all the pressure we have felt,' said group CEO Alain Bouchard. 'We are still looking for acquisitions because we believe that these market conditions will evolve eventually at a more stable environment, and we are good at integrating acquisitions.'

The retailer has announced that despite tough market conditions it will continue with its expansion plans, by refurbishing around 350 stores and purchasing 200-300 outlets over the next fiscal year.