US c-store operator The Pantry saw its net losses widen in the first half of its financial year on the back of higher merchandise and fuel costs.
For the six months to 29 March, the company reported net losses of US$12.6m compared to $12.5m last year. EBITDA amounted to $23m, a 2.5% drop on the prior-year period.
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Sales, however, increased 8.9% to reach $863.2m. Comparable-store merchandise sales increased 3.3%.
In the second quarter, net losses amounted to $9.7m compared to a net loss of $0.3m last year, while EBITDA dropped 22.9% to $38.9m.
Sales grew 2.9% to $434.9m. Comparable-store merchandise sales grew faster in the quarter, rising 4.8%.
“We were pleased with our positive comparable store merchandise sales and fuel gallon trends within the quarter,” said president and CEO Dennis Hatchell. “Fuel gross profit was negatively impacted by consistently rising wholesale fuel costs, which was partially offset by our ongoing expense management efforts. In addition, we continue to reduce our indebtedness and have repaid $94m of long term debt this fiscal year.”
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