One-off charges have pushed US c-store chain The Pantry into the red for its most recent financial year, the company reported today (14 December).
The Pantry, which runs over 1,670 stores in 13 US states, booked a net loss of US$165.6m for the year to 30 September. A year earlier, it made a net income of $54.1m.
The retailer said that, excluding goodwill impairment and other charges, it would have made a net income of $27.4m.
Revenues were up 13.7% as The Pantry benefited from higher merchandise and fuel sales. Comparable-store merchandise revenue rose 5.6%, the retailer said.
Over the fourth quarter of the financial year, The Pantry booked net income of $8.5m down from $12.5m a year ago. Excluding charges, fourth-quarter net income would have stood at $11.3m. Revenues were up 7.6% at $1.95bn. Comparable-store merchandise revenue rose 5.7%.
President and CEO Terry Marks said The Pantry was “pleased” with the “strength and quality” the retailer’s merchandise business during the quarter.
Click here for the full earnings statement from The Pantry.