US: Charges push The Pantry into the red
US retailer The Pantry today (4 May) booked a second-quarter loss as charges hit profits at the convenience store operator.
During the three months to 25 March, The Pantry saw losses rocket to US$166.1m from a profit of $3.8m in the comparable period of last year.
The company said that, excluding impairment costs, charges, goodwill and the settlement of a lawsuit, it broke even and met its own expectations.
“In view of the unusually cold and wet conditions experienced throughout our markets in the quarter, I am pleased we were able to deliver an earnings result in line with our expectations, excluding the charges,” CEO Terrance Marks said.
Sales gained 28% to $1.68bn, up from $1.31bn last year.
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