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Fuel retailer Parkland Corp. lowers 2024 earnings forecast as consumer demand falls

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An activist investor wants Parkland Corp. to explore strategic alternatives for what it says are the company's non-core assets with the goal of becoming a more focused fuel and convenience store retailer. A boat travels past the Parkland Burnaby Refinery on Burrard Inlet at sunset in Burnaby, B.C., on Saturday, April 17, 2021.

Fuel retailer and convenience store operator Parkland Corp. lowered its earnings forecast for the year Thursday due to what it said are "ongoing weaknesses" in consumer demand that could continue through the end of 2024.A boat travels past the Parkland Burnaby Refinery in this file photo. The fuel retailer and convenience store operator revised its guidance for adjusted earnings for the year to $1.9 billion, down from $2 billion.

Part of the lower forecast is due to impacts from the unplanned shutdown of Parkland's refinery in Burnaby, B.C., during the first quarter, the company said. In Canada, the company's food and convenience store gross profit decreased two per cent year-over-year, while its fuel volumes declined four per cent.

In B.C., where the price of gasoline was the highest in Canada, Parkland saw its largest fuel sale volume declines.

 

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