US convenience store operator The Pantry has said its fourth-quarter net income more than doubled from the same period of the previous year, despite the impact of hurricanes and rising petrol prices.
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The company reported net income of US$13.0m, or 63 cents per share, for the fourth quarter to 30 September, compared to $6.3m, or 33 cents per share, in the year-ago period. The Pantry said the extra week in the latest quarter added around 5 cents per share to earnings. Total revenues increased 40.9% to $1.03bn.
“We are pleased to have achieved the high end of our recent guidance range despite the hurricanes and the challenging environment we faced throughout the year in the gasoline market. This performance reflects continued strong performance of our core stores along with the benefits from our Golden Gallon acquisition in October 2003, and the refinancing of virtually all our debt in the second fiscal quarter of 2004,” said president and CEO Peter J Sodini.
