US c-store operator The Pantry has reported lower third-quarter profits as an impairment charge and lower fuel sales weighed on earnings.
In the three months ended 28 June, earnings dropped to US$14.8m from $19m in the comparable period last year.
Excluding impairment charges as well as loss on extinguishment of debt, the company reported adjusted net income for the third quarter of $15.9m versus $21m a year ago.
EBITDA also dropped, to $74.7m from $84.7m a year ago. Fuel gross profit decreased 16.3% in the quarter.
Sales in the period slid to $2.14bn from $2.26bn last year. Comparable-store merchandise sales, however, increased 3.6% in total and 5.7% excluding cigarettes.