US grocery retailer Pathmark Stores has posted a quarterly net loss, due to a pre-tax interest charge related to a loan.
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The company posted a net loss of US$0.2m, for the third quarter to 1 November, unchanged from the prior year’s third quarter. The results for the latest quarter included a previously announced $4.2m pre-tax interest charge ($2.5m after tax) related to the early repayment of $102m of the company’s term loan. Excluding this item, the company said it would have recorded net earnings of $2.3m.
Sales in the third quarter were $978.5m, an increase of 0.7% from $971.5m in the year-ago quarter. Same-store sales increased 0.7% in the third quarter.
“I am pleased with our results for the third quarter, which included the third consecutive quarterly increase in same-store sales and market share. In addition, we achieved a solid increase in operating earnings as a direct result of continued progress with our sales, gross profit and expense-control initiatives,” said CEO Eileen Scott.
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