8 High Growth Retail Stocks That Are Profitable in 2024

5. Casey’s General Stores, Inc. (NASDAQ:CASY)

5-Year Net Income Growth: 18.50%

5-Year Revenue Growth: 12.47%

TTM Net Income: $512.93 million 

Number of Hedge Funds as of Q2 2024: 42

Casey’s General Stores (NASDAQ:CASY) is a convenience retailer that operates convenience stores in 17 states under the names Casey’s and Casey’s General Store. It offers a broad merchandise range, including food items, tobacco and nicotine products, health and beauty aids, nonfood items, automotive products, and more. It operates more than 2,600 convenience stores, and boasts popular brands such as Lone Star Food Store and GoodStop.

It generated $180 million in net income, undergoing a 6% increase in Q1 2025. The company’s EBITDA also grew by 9% compared to the prior year, reaching $346 million. Q1 2025 was another great quarter for the company, highlighting its strong business model. It expanded gross profit dollars while growing its store base.

The company also saw continued strength with its prepared food innovation and margin expansion inside the store. This was primarily driven by the general merchandise and grocery category. These positive results show that the company’s three-year strategic plan is credible and achievable.

In addition, Casey’s General Stores (NASDAQ:CASY) has a strong balance sheet, allowing it to continue with its pending acquisition of Fikes. Overall, the company is seeing positive momentum in its offerings, especially in non-alcoholic and alcoholic beverages, including liquor. Its 1,500 liquor licenses give it a strategic advantage.

It now expects store growth to reach around 270 units for the fiscal year, up from its previously disclosed 100 units. The company takes the fifth spot on our list of the 8 high growth retail stocks that are profitable in 2024. ClearBridge SMID Cap Growth Strategy stated the following regarding Casey’s General Stores, Inc. (NASDAQ:CASY) in its Q2 2024 investor letter:

“Stock selection in the consumer staples sector also proved beneficial, primarily driven by our holdings in Casey’s General Stores, Inc. (NASDAQ:CASY) and BJ’s Wholesale Club (BJ). An operator of gas stations and convenience stores, Casey’s is now reaping the rewards of its aggressive reinvestment in its stores over the past decade, building its private label brand and broadening its product offerings. This has not only helped boost same-store sales but also encouraged repeat traffic, allowing the company to buck broader industry trends toward contraction in gas volumes and margins. Finally, the company’s strategy of choosing locations in smaller and more remote markets has afforded it stronger pricing power.”