Pantry Q4 drops on charge
Cary, N.C. -- The Pantry Inc.'s fiscal fourth-quarter profit fell 61%, pulled down by an impairment charge. Net income fell to $3.3 million for the period ended Sept. 29, down from $8.5 million in the year-ago period, which had one extra week.
Interim CEO Edwin Holman said in a statement that the convenience-store company will look to improve its merchandise sales next year and will do this by taking a look at the prices it charges.
Revenue rose 12% to $2.18 billion, boosted by fuel sales. Same-store sales were down 0.8%.