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.