The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal second quarter and six months ended March 29, 2012.
Second Quarter Summary:
- Net loss was $9.7 million or $0.43 per share. This compares to a net loss of $0.3 million or $0.01 per share in last year’s second quarter. Excluding the impact of impairment charges and loss on extinguishment of debt, the net loss for the second quarter of fiscal 2012 was $6.7 million or $0.30 per share compared to earnings per share of $0.01 in the prior year (see reconciliation below).
- Adjusted EBITDA was $38.9 million, compared to $50.5 million a year ago.
- Comparable store merchandise revenue increased 4.8%.
- Merchandise gross margin was 33.4%, compared to 34.3% a year ago.
- Fuel gross profit was $43.3 million, compared to $61.8 million a year ago.
- Comparable store gallons improved 1.1%.
- Retail fuel margin per gallon declined to $0.096 from $0.137 a year ago.
- Long-term debt was reduced by $48.5 million of principal in the second quarter of fiscal 2012 and $94.0 million of principal, or down 12% in the first six months of fiscal 2012.
President and Chief Executive Officer Dennis G. Hatchell said, “We were pleased with our positive comparable store merchandise sales and fuel gallon trends within the quarter. Fuel gross profit was negatively impacted by consistently rising wholesale fuel costs, which was partially offset by our ongoing expense management efforts. In addition, we continue to reduce our indebtedness and have repaid $94 million of long term debt this fiscal year.”
Comparable store merchandise sales in the second quarter increased 4.8% in total and 7.9% excluding cigarettes. Total merchandise gross profit for the quarter was $145.4 million, an increase of $0.4 million from the second quarter a year ago.