US convenience store operator The Pantry returned to profit in the first nine months of the year, boosted by improving traffic trends and foodservice growth.
For the period to the end of June, the company earned US$18.9m, compared to a loss of $174.1m the prior-year period. The firm also made an operating profit of $51.7m, compared to loss of $6.49m last year, the company said today (9 August).
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Sales in the nine-month period edged up 0.8% to reach $1.31bn.
In the third quarter, the company made a profit of $18.9m, a 5% improvement on last year, while operating profits edged up 0.8% to reach $51.7m. Sales in the period improved slightly to reach $470m, a 0.2% increase on last year.
President and CEO, Terrance Marks said: “We were able to deliver $84.7m of adjusted EBITDA in the third quarter, despite higher retail gas prices and a challenging employment picture across many of our key markets. While top-line results were soft, we did see improving traffic trends in June as a result of our Salute Our Troops campaign. Importantly, we continued rolling out our fresh concept and are encouraged by the foodservice growth we experienced in completed stores.”
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