US: Mixed results at c-store chain The Pantry
The Pantry made a net loss of US$3.1m in Q1
US c-store retailer The Pantry has seen its net losses widen in its first quarter.
In the three months ended 27 December, the company made a net loss of US$3.1m compared to a net loss of $2.9m last year, it reported today (5 February). Excluding the impact of impairment charges, net loss improved to $1.7m.
However, operating profit was up 13.2% to $18m. The company said the improvement in operating profit was down to "improving merchandise sales and margins and controlling expenses".
Net sales dropped to $1.91bn from $1.96bn last year. Comparable-store merchandise sales, which excludes cigarettes, increased 2.2%.
|The Pantry Announces First Quarter Fiscal 2013 Results|
CARY, N.C.--(BUSINESS WIRE)--Feb. 5, 2013-- The Pantry, Inc. (NASDAQ: PTRY), a leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal first quarter ended December 27, 2012.
First Quarter Summary:
President and Chief Executive Officer Dennis G. Hatchell said, “We improved adjusted EBITDA to $49 million in the first fiscal quarter of 2013, which is an increase of 12% from the same quarter a year ago. This improvement over the prior year quarter is a reflection of our team's continued focus on improving merchandise sales and margins and controlling expenses. This was achieved despite lower fuel volume and margins compared to the same period a year ago.”
Mr. Hatchell continued by saying, “We are also excited to have Clyde Preslar joining our team as Senior Vice President and Chief Financial Officer. Clyde’s fifteen years of experience as a public company CFO and his work in the consumer goods space make him a great fit for the Pantry and we are convinced that he will make significant contributions to the Pantry realizing its strategic initiatives.”
Original source: The Pantry
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