Weak fuel margins have hit third-quarter profits at US c-store chain The Pantry, the company admitted today (4 August).
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The Pantry, which runs over 1,600 stores in 11 US states, booked net income of US$43,000 for the three months to 25 June – compared with $10.7m a year earlier.
EBITDA also fell, reaching $48m against $66.1m a year ago. Turnover, meanwhile, slumped by more than a third, hitting US$1.63bn.
“During the quarter we experienced a weak gas margin due to a sharp rise in wholesale gasoline costs,” said chairman and CEO Peter Sodini.
“Third-quarter results were also affected by the ongoing economic softness in our markets and by higher tobacco excise taxes.”
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By GlobalData
