US retail group Pathmark saw losses narrow last year thanks to the success of a series of merchandising initiatives.
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Pathmark, which last month announced it is to merge with larger retailer A&P, said yesterday (19 April) that its net loss for 2006 came in at US$18.3m, down from $40.1m a year earlier.
However, the company, which runs over 140 supermarkets primarily in the New York, New Jersey and Philadelphia metropolitan areas, said sales were flat last year. Sales inched up to $4.1bn from just under $4bn a year earlier, thanks to an extra selling week in 2006.
A turnaround in the fourth quarter of the year bolstered results, Pathmark said. Quarterly net earnings reached $1.7m, compared to a net loss of $14.6m in the corresponding period a year earlier.
