US retailer The Penn Traffic Co. has seen quarterly losses narrow but same-store sales fall by almost 5% during the first quarter of its fiscal year.
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The New York-based business, which owns P&C, Quality and BiLo supermarkets in the north-east of the US, booked an underlying net loss of US$8.9m for the three months to 2 May.
The result compared to a net loss of US$10.7m a year ago when Penn Traffic incurred a higher level of one-off charges.
However, same-store sales were down 4.8%. Revenues stood at US$200.1m, although those sales were generated from 82 stores. In last year’s first quarter, Penn Traffic reported revenues of US$212.1m from 87 outlets.
President and CEO Gregory Young said: “The lower volume and traffic levels we saw in the first quarter were in line with our internal expectations and offset in part by our aggressive cost-saving measures, allowing us to continue narrowing Penn Traffic’s losses.
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By GlobalData“At the same time, we continued to invest cash in store renovations and other strategic capital projects, while paying down additional debt.”
