US regional grocery retailer Pathmark Stores has said that it expects to report a net loss for its first quarter due to steep inflation in certain categories, unproductive sales promotions and increases in medical costs.
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The company, which operates 142 supermarkets in the New York, New Jersey and Philadelphia metropolitan areas, said that for the first quarter to 1 May it now expects to report a net loss per diluted share between 6 and 10 cents.
Pathmark expects to report a 1.5% decline in total sales and a 1.4% drop in same-store sales for the quarter.
The retailer now expects fiscal 2004 same-store sales to be in a range between flat and up 1%, and net earnings per diluted share to be in a range of 28 to 47 cents.
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By GlobalData
