The Pantry Posts Solid Gains for Quarter, Year

Sanford, N.C., C-store chain The Pantry Inc. posted net income of $13 million for its fourth quarter ended Sept. 30, more than double the $6.3 million it recorded in the year-ago period. Results were helped by a 40.9% boost in revenues to $1.03 billion and a 3.8% increase in same-store merchandise revenues.

For the full fiscal year, The Pantry’s net income grew 17.3% to $17.6 million. Excluding extraordinary expenses related to debt refinancing and the merchant’s secondary stock offering in January, The Pantry’s net income was $33.6 million. The retailer’s total revenues for fiscal 2004 were $3.49 billion vs. $2.75 billion the year before. Same-store merchandise revenues grew 3.4% for the year.

The Pantry’s results for the fourth quarter and fiscal year include one more week than it did in 2003.