US grocer The Pantry has put its acquisition plans on hold after heading into the red for the first six months of its fiscal year.
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The company, which is based in North Carolina, posted a net loss of US$1.8m for the six months to 27 March – compared to a net profit of $8.5m.
The fall was due to losses on fuel hedging positions. Excluding the hedging loss, net profit was $3m.
Revenue jumped 41.5% to $4bn but chairman and CEO Peter Sodini said a “soft” retail environment had led to challenging trading conditions and a decision to put a hold on any acquisition plans.
“We have reduced our fiscal 2008 net capital expenditure target by another $20m, to around $90m, and are suspending any additional acquisition activity for the remainder of this calendar year,” Sodini said.
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