US c-store retailer The Pantry has seen its net losses widen in its first quarter.
In the three months ended 27 December, the company made a net loss of US$3.1m compared to a net loss of $2.9m last year, it reported today (5 February). Excluding the impact of impairment charges, net loss improved to $1.7m.
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However, operating profit was up 13.2% to $18m. The company said the improvement in operating profit was down to “improving merchandise sales and margins and controlling expenses”.
Net sales dropped to $1.91bn from $1.96bn last year. Comparable-store merchandise sales, which excludes cigarettes, increased 2.2%.
