USA: Pathmark posts wider Q2 net loss
US regional supermarket chain Pathmark Stores has reported a net loss of US$5.1m, or 12 cents per share, for the second quarter to 30 July, compared to a net loss of $1.6m, or 5 cents per share, in the prior year's second quarter.
The company, which operates 142 supermarkets primarily in the New York - New Jersey and Philadelphia metropolitan areas, posted second-quarter sales of $1.0bn, down 1.1% from a year earlier. Same-store sales decreased 2.0% in the second quarter.
"When I took over as CEO two weeks ago, I noted my confidence in Pathmark - a strong franchise with excellent locations and store volumes. While there are some near-term challenges to overcome, I am excited about Pathmark's potential," said John Standley, chief executive officer.
"Our second quarter results were largely due to weak sales, a trend which has continued into the third quarter. We have already begun implementing plans to improve in-store merchandising and product assortments and to upgrade the look of our stores. Looking forward, Pathmark will become a stronger, consumer-driven company with better in-store execution and more compelling financial results," Standley added.
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