US regional supermarket operator Pathmark Stores has posted a net loss for the second quarter of US$8.8m, or $0.17 per diluted share, against a net loss of $5.1m, or $0.12 per share, in the second quarter of last year.
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The company, which operates 141 supermarkets primarily in the New York, New Jersey and Philadelphia metropolitan areas, attributed the decline in profitability to lower gross margins from its pharmacy business. However, it said that the fall in adjusted EBITDA from $31.7m to $26.9m had been partially offset by lower interest charges.
Revenues for the second quarter rose by 0.2% to $1.0bn, with same-store sales rising by 0.5%.
“We are encouraged by the sales trend in the second quarter,” said CEO John Standley. “As our merchandising initiatives continue to gain traction with consumers, we expect to see improvements in gross margin due to sales mix and lower shrink as the fiscal year progresses. On the cost side, we expect our various initiatives will help mitigate expected expense increases during the remainder of the fiscal year.”
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