US convenience operator The Pantry today (3 August) posted a net profit for its third quarter, against a loss in the same period of 2009, and its first profit in three quarters.
The company, based in the south-east of the US, posted $18m net income for the quarter ended 24 June, against a $749,000 loss in the same period last year.
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The third-quarter results include non-cash charges of $2.7m after tax and a $481,000 after-tax net loss on the extinguishment of debt. When adjusted for these charges, net income for the third quarter of fiscal 2010 was $21.2 million.
The company posted $1.89bn revenue for the quarter, with the lion’s share coming from its fuel operations. Merchandise revenue increased 8.8% overall and 7.7% on a comparable store basis.
“We are pleased with our results for the third quarter. As expected, we saw broad based improvement in our merchandise business with robust comparable sales growth and continued improvement in gross margin,” said president and CEO Terrance Marks. “On the fuel side, we continued to experience soft demand in line with our expectations and benefited from an above-average fuel margin.”
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