US Stock Market Move | Same-store sales growth in the first fiscal quarter fell short of expectations, and Caseys General Stores (CASY.US) plummeted over 15%.

On Wednesday, Caseys General Stores (CASY.US) dropped more than 15% in early trading, marking a cumulative decline of 32% from a historical high in June, with the current price at $622.54. In terms of news, the company reported a slowdown in same-store sales growth for the first fiscal quarter, falling short of Wall Street expectations, despite both its earnings and revenue exceeding forecasts. The company stated on Tuesday evening that for the quarter ending in July, same-store sales increased by 3.2% year-over-year, compared to a growth rate of 4.3% in the same period last year. The consensus expectation from FactSet was for growth of 4.1%. The same-store sales growth for groceries and general merchandise slowed from 3.8% to 2.7%. Caseys General Stores' diluted earnings per share climbed from $5.77 in the same period last year to $7.37, surpassing Wall Street's expectation of $6.78. Total revenue grew from $4.57 billion to $5.68 billion, exceeding the average analyst expectation of $5.56 billion. CEO Darren Rebelez stated in a press release, "Our three-year strategic plan is off to a good start, with diluted earnings per share growing nearly 28%."