Cary, N.C. – The Pantry, Inc. reported a net loss of $5.1 million in its first quarter of fiscal 2014, up from a net loss of $3.1 million the first quarter of the prior fiscal year. Revenues fell 5% to $1.8 billion from $1.9 billion, although same-store sales rose 3.5%.
"We gained further momentum in merchandise sales during the first quarter as same-store sales grew 3.5%, our strongest result since the third quarter of fiscal year 2012,” said Dennis G. Hatchell, president and CEO of The Pantry. “Our 4.1% increase in sales per customer drove this growth as inside customer traffic levels stabilized. These encouraging results were supported by continued progress upgrading our store base. During the first quarter we opened one new store, completed 28 remodels and added four new QSRs.”
In addition, the board of directors of The Pantry nominated a new independent director, Thomas W. “Tad” Dickson, former CEO of Harris Teeter Supermarkets, Inc., for election to the board at the company’s 2014 Annual Meeting to be held in March 2014.