- Net loss was $5.1 million or $0.23 per share. This compares to net loss of $3.1 million or $0.14 per share in last year's first quarter. Excluding the impact of impairment charges, net loss for the first quarter of fiscal 2014 was $4.6 million, or $0.20 per share, compared to net loss of $1.7 million, or $0.08 per share, in the prior year (see reconciliation below).
- Adjusted EBITDA was $42.4 million, down from $48.9 million a year ago (see reconciliation below).
- Comparable store merchandise revenue increased 3.5%.
- Merchandise gross margin decreased to 33.5% from 34.3% in the prior year quarter driven by promotional activity and sales mix.
- Fuel gross profit was $48.7 million, compared to $49.2 million a year ago as comparable store fuel gallons sold declined 4.0%. This was partially offset by our retail fuel margin per gallon increasing $0.004 over the prior year quarter to $0.118.
- Store operating and general and administrative expenses were $154.0 million compared to $147.2 million a year ago, as we upgraded our stores and incurred significant upfront training costs to support staffing realignment related to the Affordable Care Act. The increase included a $1.1 million unfavorable variance in gain/loss on asset sales. Other increases included: $3.0 million in facilities costs (of which $1.3 million was at remodeled stores); $1.5 million in store labor (of which $0.7 million was for increased training costs); and $1.2 million in medical insurance, incentive compensation and other costs.
- Our effective tax rate for the first quarter of fiscal 2014 was 39.2% compared to 39.9% in the first quarter of fiscal 2013.
The Pantry Announces First Quarter Fiscal 2014 Results
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