Pantry produces Q1 profit

Cary, N.C. – The Pantry Inc. is heading into its pending merger with Alimentation Couche-Tard Inc. in a profitable state. During the first quarter of fiscal 2015, The Pantry reported net income of $18.9 million, compared to a net loss of $5.1 million in the same quarter a year earlier.



Declining expenses, especially in fuel, and gains from a class action suit helped drive The Pantry’s return to profitability. This occurred even as revenues dipped 7% to $1.68 billion from $1.8 billion. Same-store sales rose 3.6%, as a result of declining fuel prices.



"Our strong first quarter results reflect continuing progress as we grew merchandise and fuel gross profit while controlling expenses,” said Dennis G. Hatchell, president and CEO. “Fuel gross profit and same-store store fuel volumes improved significantly as we benefited from our focus on fuel price management and a continued decline in fuel costs.”