Alimentation Couche-Tard Inc. reported earnings of $88.2 million for its second quarter of fiscal 2010, down $9.4 million or 9.6 percent from the comparable period last fiscal year due to a drop in U.S. motor fuel gross margins. For the quarter, U.S. fuel margins slid 9.10cts gal to 15.78cts gal, causing an estimated $65 million loss before taxes.

During the comparable period last fiscal year, motor fuel gross margins in the U.S. were unusually higher, the company said, whereas this year’s margins are closer to expectations.

“Except for the motor fuel gross margin in the United States, our key performance indicators continued to improve over the second quarter,” said Alain Bouchard, president and CEO. “However, we feel economic conditions remain fragile. Accordingly, we prefer to remain cautious.”

The company reported revenues of $4.8 billion in the second quarter of fiscal 2010, down $730.6 million or 16 percent from the second quarter of fiscal 2009 due to a $958 million drop in motor fuel revenues resulting from a lower sale price and an adverse impact of $22 million from a weaker Canadian dollar.

Higher same-store merchandise sales and motor fuel volume, the contribution from acquisitions, decrease in electronic payment mode expenses due to lower fuel prices as well as lower financial expenses were partially offset by a higher income tax rate, a weakened Canadian dollar and higher depreciation expense.

For the 12-weeks ended Oct. 11, the company reported same-store motor fuel volumes increased 3.9 percent in the U.S. versus a year ago, while volumes in Canada climbed 3.3 percent.