US convenience chain The Pantry has reduced its losses for the second quarter of its financial year as merchandise sales and margins improved and the company lapped a quarter hit by one-off costs.

Net losses totalled US$0.3m in the three months ended 31 March, down from $166.1m for the comparable period of last year when the group said its result was dented by charges.

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Adjusted EBITDA rose 6% to $50.5m, driven by growing merchandise sales – up 2% – and improved merchandise gross margins.

“I am pleased that we have now delivered four consecutive quarters of non-cigarette comparable store merchandise sales increases. Our improving execution contributed to expanded gross margins, higher productivity, and ultimately adjusted EBITDA growth,” president and CEO Terrance Marks said today (10 May).

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