Rising fuel sales have boosted quarterly results at US convenience retailer The Pantry.
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The North Carolina-based firm posted a net profit of US$3.2m for the three months to 27 December. That figure compared to a loss of $125,000 a year earlier.
Revenues jumped 43.2% to $2bn, thanks to fuel sales, acquisitions and new store openings, chairman and CEO Peter Sodini said.
“Our favorable earnings comparison for the first quarter primarily reflects an improvement in retail gasoline margins from unusually depressed levels a year ago,” Sodini said.
“In our merchandise business, we again achieved double-digit percentage growth in both total revenues and gross profits, mainly due to acquisitions and new store openings.”
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By GlobalDataThe Pantry acquired three convenience stores and opened four large-format stores during the quarter.
