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.

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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.

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