US chain The Pantry has announced that total revenues for the first quarter of fiscal 2007 were approximately US$1.4bn, a 5% increase from last year’s first quarter.
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The company has acquired or agreed to acquire 133 convenience stores in fiscal 2007, more than the 113 acquired during the full 2006 fiscal year. During the first quarter, the company acquired or agreed to acquire 67 convenience stores.
Net income was $125,000, or $0.01 per share on a diluted basis, compared with $33m, or $1.45 per share, a year ago. The grocer now expects fiscal 2007 earnings per share to be between $2.75 and $2.90.
The Pantry chairman and CEO Peter Sodini said: “As we expected, our first quarter results were significantly affected by unusually low gasoline margins relative to our historical seasonal trends, especially compared with very strong gas margins a year ago.
“In addition, we faced difficult comparisons in both merchandise and gasoline sales with the post-Hurricane Katrina period a year ago in the Gulf Coast region. We are pleased to report that gasoline margins and comparable store revenue trends improved at the end of the first quarter, and the improvement has carried over so far in our second quarter.”
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