Convenience store operator The Pantry has posted a 30.2% rise in full-year revenues, which jumped to US$9bn.
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Net income for the fiscal year ended 25 September totalled $31.8m, up 18.9% from $26.7m booked during fiscal 2007. EBITDA for fiscal 2008 was $247.2m, up 15.5% from $214m in fiscal 2007.
The US retailer also posted a jump in EPS, which rose 22.2% to $1.43.
The Pantry chairman and CEO Peter Sodini said that gains were primarily driven by fuel sales, with the fall in oil prices allowing the group to leverage “aggressive actions” taken throughout the year to reduce operating costs.
While gross profit on gas was up 17% to $263m for the fiscal year, merchandise profit gains lagged, increasing only 1.6% to $595.1m as same-store retail sales fell 1.7%.
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By GlobalDataSodini said that despite the “challenging” retail environment The Pantry is well-placed to pursue strategic acquisition opportunities.
“The retail environment clearly remains challenging, but with our ample liquidity and improved profitability, we believe we are well-positioned to again consider strategic ‘tuck-in’ acquisitions in our regional markets that we believe will be accretive for our shareholders,” he said.
