Pantry 3Q Profit Slides 16%

Sanford, N.C. The Pantry Inc. said Thursday its fiscal third-quarter profit slid 16%, hurt by falling sales of merchandise and gasoline at established stores.

For the quarter ended June 26, profit fell to $10.7 million from $12.6 million.

Revenue grew 20% to $2.47 billion from $2.05 billion in the third quarter of 2007.

Merchandise same-store sales fell 2.5% while gasoline same-store sales fell 5.2%.

Even though same-store gas sales fell, total gas revenue jumped 26% due to a nearly 30? per gallon increase in the price.