FINANCE

Pantry 3Q Profit Slides 16%

BY CSA STAFF

Sanford, N.C. The Pantry Inc. said Thursday its fiscal third-quarter profit slid 16%, hurt by falling sales of merchandise and gasoline at established stores.

For the quarter ended June 26, profit fell to $10.7 million from $12.6 million.

Revenue grew 20% to $2.47 billion from $2.05 billion in the third quarter of 2007.

Merchandise same-store sales fell 2.5% while gasoline same-store sales fell 5.2%.

Even though same-store gas sales fell, total gas revenue jumped 26% due to a nearly 30? per gallon increase in the price.

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Spartan Stores 1Q sales up 12.8%

BY CSA STAFF

GRAND RAPIDS, Mich. Spartan Stores reported that net sales for the first quarter increased 12.8% to $586.7 million from $520.2 million in last year’s first quarter.

Net earnings for the quarter increased 52.2% to $9.9 million, or 46 cents per diluted share, from $6.5 million, or 30 cents per diluted share, in the same period last year.

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Fresh & Easy opens 20th store in Phoenix

BY CSA STAFF

PHOENIX Fresh & Easy Neighborhood Market has opened its 20th store in Phoenix, bringing its total number of U.S. stores to 67.

Fresh & Easy also announced four upcoming store openings in the Phoenix area, including the grocer’s first in Tempe, Ariz.

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