CARY, N.C., May 1, 2014 (GLOBE NEWSWIRE) -- The Pantry, Inc. (Nasdaq:PTRY), a leading independently operated convenience store chain in the southeastern U.S., today announced financial results for its fiscal second quarter ended March 27, 2014. Second Quarter Summary:
- Net loss was $10.3 million or $0.45 per share. This compares to net loss of $6.9 million or $0.30 per share in last year's second quarter. Excluding the impact of impairment charges, net loss for the second quarter of fiscal 2014 was $9.8 million, or $0.43 per share, compared to net loss of $6.3 million, or $0.28 per share, in the prior year (see reconciliation below).
- Adjusted EBITDA was $36.2 million, down from $39.1 million a year ago (see reconciliation below).
- Comparable store merchandise revenue increased 2.3% even though challenging weather conditions constrained customer traffic.
- Merchandise gross margin improved to 34.0% from 33.7% in the prior year quarter as packaged beverage and food service mix increased as a percent of merchandise sales.
- Fuel gross profit declined to $42.6 million from $48.4 million a year ago as wholesale fuel costs increased during much of the quarter putting pressure on fuel margins. Retail fuel margin per gallon decreased $0.01 from the prior year quarter to $0.107 per gallon. Comparable store fuel gallons were down 3.2% and were also negatively impacted by weather during the quarter.
- Store operating and general and administrative expenses were $151.1 million compared to $150.5 million a year ago. Second quarter 2014 expenses included $1.0 million in proxy contest costs related to our annual stockholders meeting held on March 13, 2014.
- Our effective tax rate for the second quarter of fiscal 2014 was 31.3% compared to 49.0% in the second quarter of fiscal 2013.
- Q2 store portfolio activity included completing seven remodels, adding three new QSRs and closing four stores.