US c-store operator The Pantry has lowered its first-quarter losses as a result of higher fuel prices and a reduction in costs.
For the three months to 29 December, the retailer recorded net losses of US$2.9m compared to losses of $12.2m in the comparable period last year. Excluding the impact of impairment charges and a loss on extinguishment of debt, net losses for the first quarter were $2.6m.
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Adjusted EBITDA in the quarter amounted to $43.7m, a 36% improvement on the prior-year period. Sales climbed 8.8% to $1.96bn.
Comparable store merchandise sales in the first quarter increased 2% in total and 4.4% excluding cigarettes.
“As we continue revising our pricing strategy to position the company for the longer term, we remain focused on improving our sales trends, expense management, and debt reduction,” The Pantry interim CEO Edwin Holman said today (7 February).
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