US grocer Uni-Marts has reported revenues of US$92.2m for the second fiscal quarter ended 4 April 2002, a decline of 4.7% year on year caused by a drop in the average retail price of petrol per gallon.
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The company reported a Q2 net loss of US$1.1m, or US$0.16 per share, compared to a net loss of US$1.2m, or US$0.17 per share, for the second quarter of the prior fiscal year. At comparable stores, merchandise sales increased by 6.8%, while gasoline gallons sold declined by 4.7%, from Q2 2001 levels.
For the H1 of fiscal 2002, Uni-Marts reported a 7.4% decline in revenues to US$191.2m, compared to revenues of US$206.4m in the corresponding six-month period of fiscal 2001. Revenues declined primarily due to a 29.7 cent per gallon decline in the average retail price per gallon sold compared to the same six-month period of fiscal 2001. The company reported a net loss of US$1m, or US$0.15 per share, compared to a net loss of US$706,000, or US$0.10 per share, for the same period of fiscal 2001. Merchandise sales at comparable stores increased by 7.4%, while gasoline gallons sold at comparable stores declined by 5%, from the H1 of fiscal 2001.
Henry D. Sahakian, chairman and CEO, commented: “The achievement of higher merchandise sales levels at comparable stores contributed to our improved financial performance for the quarter compared to the Q2 2001. We also benefited from mild winter weather throughout our service area during our traditionally weak second quarter. However, gasoline sales levels continue to be affected by price fluctuations in the petroleum industry and a slow down in consumer demand.”
“For the H2 of the fiscal year, we plan to continue to support programs designed to improve sales and margins levels, control expenses and improve store-reporting functions,” added Sahakian.
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By GlobalData“We look forward to our customers’ response to the upcoming warmer months and will remain competitive during this peak selling period. While we anticipate ongoing competitive pressures in our petroleum sector, management will continue to implement traffic building programs and assess opportunities for improved financial and operational performance.”
As of 4 April, Uni-Marts operated 301 convenience stores and Choice Cigarette Discount Outlets in Pennsylvania, New York, Delaware, Maryland and Virginia. Self-service gasoline was sold at 238 of these locations.
