US retailer Pathmark yesterday [Wednesday] reported a 44% drop in profits for the first quarter, and warned that earnings would remain low in the current quarter.
Go deeper with GlobalData
Pathmark, whose 143 supermarkets are primarily in New York, New Jersey and the Philadelphia area, said net income for the three months ended 4 May was US$2.8m, or 9 cents per diluted share.
“Sales were sluggish in our first quarter, and this disappointing trend continues into the current quarter,” Chief Executive Jim Donald said in a statement. The news sent shares in the Mid-Atlantic grocer plummeting nearly 20% to their lowest level for nearly a year, reported Reuters.
Sales also eased off in the quarter under review to US$976.8m from US$977.2m.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
