Sanford, N.C. (February 4, 2009) The Pantry Inc. said Tuesday its fiscal first-quarter results rose sharply, mainly due to lower oil and gas prices which boosted the company's gasoline gross margin, but revenue dropped 18%.
Profit for the quarter ended Dec. 25 climbed to $39.4 million, from $3.2 million in the same quarter last year. However, revenue fell to $1.63 billion from $1.98 billion.
Same-store sales fell 3%, excluding gas.
"The current retail environment remains very challenging and we are taking action in a variety of areas to further reduce operating expenses and to strengthen our merchandise gross margins," said chairman and chief executive Peter J. Sodini in a statement.
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