Pathmark's Same Store Sales Increase 3.3% in Third Quarter
CARTERET, N.J. - Pathmark Stores Inc. today reported results for its third quarter and nine-month period ended Nov. 3, 2001. Sales for the third quarter of fiscal 2001 were $985.9 million, up 5.2% from the $937.1 million in the prior year third quarter. For the nine-month period, sales were $2,960.8 million in fiscal 2001, up 6.3% from the $2,785.9 million in the prior year nine-month period. Same store sales increased 3.3% in the third quarter and in the nine-month period.
Net earnings for the third quarter of fiscal 2001 were $5.5 million or $0.18 per diluted share; in the prior year's third quarter, net earnings were $0.7 million or $0.03 per diluted share. Net earnings for the nine-months of fiscal 2001 were $15.7 million or $0.51 per diluted share; in the prior year's nine-month period, there was a net loss of $34.1 million or $1.14 per diluted share. Interest expense in the third quarter of fiscal 2001 was $16.0 million compared to $20.1 million in the prior year's third quarter and for the nine-months of fiscal 2001 was $49.8 million compared to $107.9 million in the prior year's nine-month period.
Operating cash flow for the third quarter of fiscal 2001 was $44.1 million compared to $42.0 million in the prior year's third quarter and for the nine-month period of fiscal 2001 was $134.6 million compared to $135.1 million in the prior year's nine-month period.
Jim Donald, chairman, president and CEO said, "Outstanding effort and execution were keys to our strong third quarter financial and operating performance, despite a recessionary economy and the uncertainties surrounding the tragedy of Sept. 11. Pathmark continued to improve market share in the quarter and is well positioned to gain market share in the future."
Capital expenditures, including technology investments, for the third quarter and nine-month period were $34.7 million and $83.5 million, respectively. Through the first nine-months of fiscal 2001, the company has opened five new stores, closed two stores and completed 19 major renovations. The company expects to open one additional new store and complete up to 14 major renovations during the remainder of the fiscal year. Three stores, currently under construction that had been expected to open this year, will open early in fiscal 2002. Total capital expenditures for fiscal 2001, including technology investments, are projected to be $125 million.
Net earnings for the third quarter of fiscal 2001 were $5.5 million or $0.18 per diluted share; in the prior year's third quarter, net earnings were $0.7 million or $0.03 per diluted share. Net earnings for the nine-months of fiscal 2001 were $15.7 million or $0.51 per diluted share; in the prior year's nine-month period, there was a net loss of $34.1 million or $1.14 per diluted share. Interest expense in the third quarter of fiscal 2001 was $16.0 million compared to $20.1 million in the prior year's third quarter and for the nine-months of fiscal 2001 was $49.8 million compared to $107.9 million in the prior year's nine-month period.
Operating cash flow for the third quarter of fiscal 2001 was $44.1 million compared to $42.0 million in the prior year's third quarter and for the nine-month period of fiscal 2001 was $134.6 million compared to $135.1 million in the prior year's nine-month period.
Jim Donald, chairman, president and CEO said, "Outstanding effort and execution were keys to our strong third quarter financial and operating performance, despite a recessionary economy and the uncertainties surrounding the tragedy of Sept. 11. Pathmark continued to improve market share in the quarter and is well positioned to gain market share in the future."
Capital expenditures, including technology investments, for the third quarter and nine-month period were $34.7 million and $83.5 million, respectively. Through the first nine-months of fiscal 2001, the company has opened five new stores, closed two stores and completed 19 major renovations. The company expects to open one additional new store and complete up to 14 major renovations during the remainder of the fiscal year. Three stores, currently under construction that had been expected to open this year, will open early in fiscal 2002. Total capital expenditures for fiscal 2001, including technology investments, are projected to be $125 million.