US retailer Pathmark yesterday [Wednesday] reported a 44% drop in profits for the first quarter, and warned that earnings would remain low in the current quarter.

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Pathmark, whose 143 supermarkets are primarily in New York, New Jersey and the Philadelphia area, said net income for the three months ended 4 May was US$2.8m, or 9 cents per diluted share.


“Sales were sluggish in our first quarter, and this disappointing trend continues into the current quarter,” Chief Executive Jim Donald said in a statement. The news sent shares in the Mid-Atlantic grocer plummeting nearly 20% to their lowest level for nearly a year, reported Reuters.


Sales also eased off in the quarter under review to US$976.8m from US$977.2m.

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