Independent convenience store chain The Pantry has said it expects to report a drop in diluted earnings per share for the third quarter of the year.
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The US firm said it expects its third-quarter EPS to be between US$0.45 and $0.50, down from $0.86 in the corresponding period last year, primarily as a result of lower petrol margins.
The retailer said the third quarter of fiscal 2007 will include a charge of approximately $0.06 per share for deferred financing costs in connection with the company’s refinancing of its credit facilities.
“These preliminary results primarily reflect our relatively low gasoline margins during the quarter as compared to the prior-year quarter,” said chairman and CEO Peter J. Sodini. “This period was characterised by upward pricing pressure due to production constraints at US refineries.”
Sodini added that the company now expects earnings per share for the full fiscal year to be between $1.65 and $1.80, below its previous guidance range. EBITDA for fiscal 2007 is forecast to come in at between $234m and $240m.
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By GlobalData“Although fiscal 2007 has been a challenging year, we do not believe there has been a material change in the long-term fundamentals of our business,” Sodini said. “In fact, our competitive position in the marketplace has clearly improved with the strategic acquisitions we have completed this year.”
