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Casey's (CASY) Boosts Portfolio With Over 100 New Products

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Casey's General Stores, Inc. (CASY - Free Report) is committed to offer customers high quality and delicious food and beverage products, in store as well as its online platforms. Progressing along such lines, the company announced that it will add more than 100 new products under the Casey’s brand, beginning this month. The new low price, high-quality snacks and beverages will provide customers more variety, under new categories. The move is likely to boost sales in the company’s Grocery & Other Merchandise unit, which has been doing well lately. Let’s dive deeper.

Strong Product Expansion Plans

Casey’s new product offerings will be reaching store shelves in January, 2021. The expansion marks another milestone in Casey’s three-year strategic growth plan announced in 2020.  

The expanded assortment of Casey’s private brand products will consist of new snack categories, including jerky, chips and nuts. The latest additions compliment the product launches made by the company in the past two months, which includes updated offerings in water, automotive needs as well as packaged beverages and bakery items. The company plans to continue expanding its new product lines.

Management stated that the company’s product-expansion efforts are based on consumers’ valued insights. The updated brand offering aims to deliver customers great products at compelling prices. Moreover, the latest product launches are part of the company’s refreshed merchandising strategies and updated branding approach, which debuted in October, 2020. Such measures are directed toward driving relevancy, engagement, and convenience for customers.

Starting in January, the new products will be available in more than 2,200 Casey’s stores and via online ordering, across 16 states.

Other Growth Endeavours

We note that Casey’s has continued to remain committed toward its value creation plans. These plans are aimed toward boosting sales and profitability.  In addition to expanding assortments, the company also strives to strengthen promotions as well as delivery capabilities. It has also been working toward enhancing digital engagement with customers on its website and mobile app. It is also progressing well with cost optimization and store growth endeavours. Well, these measures are likely to continue supporting this Zacks Rank #3 (Hold) company’s performance in the forthcoming periods. Markedly, shares of the company have gained 18.4% in the past six months compared with the industry’s rise of 9.3%.

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