US regional grocery retailer Pathmark Stores has announced a loss for the fourth quarter and the year ended 29 January 2005.
Sales for the year were $3,978.5 m, a decrease of 0.3% from $3,991.3m in the previous year. The net loss was $269.3m compared to net earnings of $16.5m the previous year.
Sales for the fourth quarter were $996.8m, a fall of 1.6% from $1,012.5m in the same period in the previous year. The company reported a net loss of $262.3m compared to net earnings of $9.6m, in the previous year’s fourth quarter.
“While fiscal 2004 sales and earnings were in line with the guidance we provided last October, we are disappointed with our results for the year, which we believe do not reflect Pathmark’s strong market position and prime store locations,” said CEO Eileen Scott.