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Financial report summary
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ARKOManagement Discussion
- For the year ended December 31, 2023, the Company reported net income of $556.8 million, or $25.49 per diluted share, on revenue of $21.5 billion. Net income was $672.9 million for 2022, or $28.10 per diluted share, on revenue of $23.4 billion.
- Revenues for the year ended December 31, 2023 decreased $1.9 billion, or 8.2%, compared to 2022. The decrease was due to lower average retail fuel prices which decreased 45 cpg, or 12.3%, lower PS&W revenues, which were partially offset by a 1.1% increase in retail fuel volumes sold and a 4.8% increase in merchandise sales revenues.
- Cost of sales decreased $1.8 billion, or 8.7%, compared to 2022, due to the lower average cost of fuel, which decreased 11.1%, and was partially offset by the 1.1% increase in retail fuel volumes sold and a 4.8% increase in merchandise cost of goods sold.