Pathmark First-Quarter Profit Drops
CARTERET, N.J. - Regional supermarket chain Pathmark Stores Inc. today reported its quarterly profit fell by more than half, while same-store sales increased 1.9 percent.
The Carteret, N.J.-based retailer said net earnings in its fiscal first quarter ended May 3 were $900,000, or 3 cents a share, down from $2.1 million, or 7 cents a share, a year ago.
Quarterly sales increased to $1.00 billion from $976.8 million, while sales at stores open at least a year rose 1.9 percent.
Excluding a charge to cut jobs at the store level and at corporate headquarters and a gain on the sale of real estate, Pathmark said it earned $3.0 million, or 10 cents a share. In the year-ago quarter, excluding a charge for a similar job reduction program and an accounting change, the company earned $3.9 million or 13 cents a share.
"As the year progresses, we expect to see ongoing cost savings from the labor buyouts and headcount reductions," CEO Eileen Scott said in a statement.
Pathmark operates more than 100 supermarkets, primarily in the New York, New Jersey and Philadelphia areas.
The Carteret, N.J.-based retailer said net earnings in its fiscal first quarter ended May 3 were $900,000, or 3 cents a share, down from $2.1 million, or 7 cents a share, a year ago.
Quarterly sales increased to $1.00 billion from $976.8 million, while sales at stores open at least a year rose 1.9 percent.
Excluding a charge to cut jobs at the store level and at corporate headquarters and a gain on the sale of real estate, Pathmark said it earned $3.0 million, or 10 cents a share. In the year-ago quarter, excluding a charge for a similar job reduction program and an accounting change, the company earned $3.9 million or 13 cents a share.
"As the year progresses, we expect to see ongoing cost savings from the labor buyouts and headcount reductions," CEO Eileen Scott said in a statement.
Pathmark operates more than 100 supermarkets, primarily in the New York, New Jersey and Philadelphia areas.
