Pantry reports profit drop in Q4, swings to loss for full-year

Cary, N.C. -- C-store chain The Pantry reported Tuesday that net income for the quarter ended Sept. 30 dropped to $8.5 million, compared with $12.5 million in the year-ago period.

Merchandise revenue for the fourth quarter increased 12% overall and 5.7% on a same-store basis from last year’s fourth quarter.

For the full year, the company reported a net loss of $165.6 million compared with net income of $54.1 million in fiscal 2009. Merchandise revenue rose 8.4% to $1.8 billion, and same-store merchandise sales increased 5.6% for the year.

The company operates 1,672 stores in 13 states, mostly under the Kangaroo Express banner.