Pantry Surges in 4Q, Year
Sanford, N.C., The Pantry Inc. more than doubled its net income to $25.4 million in its fourth quarter ended Sept. 29, up from $12.6 million the year before. Revenues for the quarter grew 33% to $1.4 billion on same-store merchandise sales growth of 4.7%. For the full fiscal year, the c-store chain reported net income of $57.8 million, up from $15.7 million the previous year. Net sales for the year grew 26.8% to $4.4 billion, supported by same-store merchandise sales growth of 5.3%.
Factory Card CFO Departs
Naperville, Ill., Factory Card & Party Outlet Corp. said its executive VP, CFO and chief administrative officer James D. Constantine is leaving the company to pursue other interests.
The retailer also announced the promotion of controller Jarett A. Misch to VP, controller and chief accounting officer, and the promotion of treasurer Timothy J. Benson to VP and treasurer.
Casual Corner to Close All 525 Stores
Enfield, Conn., Casual Corner Group will close or sell all 525 of its stores in 42 states and Puerto Rico. The Casual Corner, Casual Corner Annex and Petite Sophisticate stores will begin closing sales on Friday, the company said in a news release. “However, we continue to examine the long-term strategic options for the Casual Corner Group stores, including the search for investors interested in continuing the Casual Corner/Petite Sophisticate brands and operations,” said Malcolm Sherman, the company’s chief executive officer. The company was founded in 1950 in West Hartford, Conn.