Pathmark 2Q Loss Widens
Carteret, N.J., Pathmark Stores, Inc. reported a loss for the quarter ended July 29 of $8.8 million, compared with a loss of $5.1 million in the same period last year. Comp-store sales rose 0.5%, while net sales remained basically flat at $1 billion.
Results were negatively impacted by lower gross profit of $1 million, mainly due to lower pharmacy gross margin because of the new Medicare Part D program. Expenses also rose due to higher costs for utilities, self-insured workers’ compensation and general liability claims, and medical and pension plans.
Dollar General Posts Lower Profit
Chicago, Dollar General reported earnings for the quarter that ended Aug. 4 of $45.5 million, down 40% from $75.6 million a year earlier. Comp-store sales rose 3.2% in the quarter, while sales for the quarter rose 9% to $2.25 billion, helped by the addition of 466 net new stores. The company said fierce competition and a slowdown in consumer discretionary spending heightened uncertainty about the second half of the year.
Dollar General also reported that August same-store sales rose 4.8% and total sales for the four weeks that ended Aug. 25 rose 10.1% to $687.2 million.
Urban Retail Properties Names New Senior Associate
Chicago, Urban Retail Properties has named Chris Klare to senior associate, acquisitions and development. Klare’s main responsibilities will include evaluating acquisition and development opportunities, as well as coordinating the acquisition process. Prior to joining Urban, Klare worked at Peterson Economics, where he advised developers, landowners and resort operators on market positioning and development scenarios for multiple-use, master-planned resort communities throughout the continental United States, Hawaii and Mexico.