US c-store operator The Pantry has posted mixed annual results for a year its interim chief executive called a “transitional period” for the company.
The Pantry reported net income of US$9.8m for the year ending 29 September, compared to a $165.6m loss in the same period last year. However, adjusted EBITDA dropped 3.5% to $231.7m.
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Total revenues rose to $8.1bn, up from $7.2bn last year, although a rise in petrol sales delivered much of the growth. Comparable-store merchandise revenue increased 0.2%.
Interim CEO Edwin Holman said: “Fiscal 2012 represents an important transitional period for the company, as we focus on a pricing strategy that is intended to improve merchandise sales growth and align our gasoline volume with industry trends. We are encouraged by the $231.7m of adjusted EBITDA and $178.7m of net cash from operations in fiscal 2011, which allows us the flexibility to manage for the longer term.”
The results for the fourth-quarter showed net income was $3.3m, down from $8.5m for the same period last year. Adjusted EBITDA was $64.4m, compared to $66.8m a year ago. Sales rose 11.5% to $2.1bn.
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