Impairment charges, debt costs and lower fuel prices have pushed up full-year losses at US convenience chain The Pantry.
The company racked up a full-year net loss of US$3m in the year to 26 September, compated to a loss of $2.5m last year. Excluding charges, the group would have seen a net loss of $0.1m, compared to an income of $44.7m last year. Adjusted EBITDA was $202.4m, down from $210.1m a year ago.
Profits were hit by lower fuel prices, and fuel gross profit was $199.3m, compared to $210.3m a year ago.
Revenue fell 5.2% to $7.82bn, with fuel and merchandise sales lower. The Pantry said comparable-store merchandise sales climbed 0.9%.
President and CEO Dennis Hatchell emphasised that the group has increased merchandise sales throughout the year. “We achieved improved operating results during the fourth quarter and are gaining momentum in merchandise sales as we move into fiscal 2014.”