Pathmark Turns Profit in Second Quarter

CARTERET, N.J. - Pathmark Stores reported a profit of 11 cents per share for its second quarter ended Aug. 3 following a loss last year. Quarterly sales were $987.2 million, down 1.0 percent from the $997.7 million in the prior year second quarter.

Net earnings for the second quarter were $3.4 million compared to a net loss of $61.2 million or $2.04 per diluted share in 2001. Net earnings for the six-month period of fiscal 2002 were $6.2 million compared to last year's loss of $122.5 million.

Sales for the six months dipped half a percent to $1.96 billion. Same-store sales decreased 1.5 percent in the second quarter.

"Although the weak economy continues to impact our sales, we were able to meet our expectations in most key financial and operating performance measures in the quarter," said Pathmark president and CEO Jim Donald. "We continue to focus on growing market share which will enable us to improve long-term sales trends when the economy strengthens."

Pathmark opened five new stores this year, two of which were replacement stores. The chain closed one store and renovated 10 others.
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