Pantry 4Q Profit Slides on Gas Results

Sanford, N.C., Convenience store operator The Pantry Inc. said Thursday its fourth-quarter profit tumbled 79%, weighed down by lower profits from gasoline sales.

Net income for the period ended Sept. 27 slumped to $5.6 million compared with $26.7 million in the prior year.

Quarterly revenue gained 20% to $2.02 billion from $1.69 billion in the previous year on regional acquisitions. Gasoline gross profits slipped to $58.9 million from $82.5 million.

For the year, earnings fell 70% to $26.7 million from $89.2 million a year ago. Full-year sales grew 16% to $6.91 billion from $5.96 billion.