Pathmark Stores, which operates 142 supermarkets primarily in the New York – New Jersey and Philadelphia metropolitan areas, has said its board is considering a sale of the company, as it reported a wider net loss for the third quarter.
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The company reported a net loss of US$3.6m, or 12 cents per share, for the third quarter to 30 October, compared to a net loss of $0.2m, or 1 cent per share, in the prior year’s third quarter. Sales for the third quarter of fiscal 2004 were $979.9m, an increase of 0.1% from $978.5m in the year-ago period, while same-store sales slid 0.5%.
“While we are clearly disappointed with our third quarter results, we have taken steps to improve our business trend. We have adjusted our sales and advertising programmes to be better aligned with our current sales expectations and have implemented expense control initiatives. We are on target to achieve the fiscal 2004 guidance we provided in late October,” said chief executive Eileen Scott.
The company also announced that its board of directors is evaluating strategic alternatives for the company, a process that could result in a decision to sell Pathmark, although no such decision has yet been made.
“Furthermore, there can be no assurance, if the board does decide to sell the company, that it will be able to reach a definitive agreement with a buyer or that such a transaction, if agreed, could be consummated or on what terms,” the company added.
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