US c-store retailer The Pantry has narrowed its net losses in the first half, despite unfavourable weather and weak consumer confidence.
In the six months ended 28 March, net losses amounted to US$9,922 compared to a net loss of $12,587 in the comparable period last year. Operating income climbed to $26.7m from $23.1m last year.
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CEO Dennis Hatchell said the period was “challenging” from a customer traffic standpoint but fuel margins were stronger than we anticipated. “Unfavourable weather and weak consumer confidence contributed to a decline in comparable store traffic,” he said. This was down 4.6% in the second quarter.
As a result, net sales in the first half dropped to $847.8m from $863.2m last year.
