U.S. convenience-store operator Pantry Inc (PTRY) released the 2012 third quarter financial results on Tuesday. The third quarter net profit declined from a year earlier, but the adjusted results were better than market expectations.
As of the quarter ended June 28, the company’s net profit declined from a year earlier of $19 million, or 84 cents per share, to $14.8 million, or 65 cents per share. Excluding the impairment charges, the company’s adjusted quarterly profit was 70 cents per share, higher than the analysts’ average estimate of 64 cents, according to the survey by FactSet Research.
Revenue fell to $2.14 billion from $2.26 billion a year earlier, below the average analyst estimate of $2.15 billion, mainly due to the decline in fuel sales.
Pantry said the third quarter fuel sales slipped 5% and the same-store sales retreated 3.6%.
PTRY stock price added 2.60%, or $0.38, to $14.97 on Tuesday, on a volume of 380,205 shares versus the daily average of 144,941 shares. Pantry has a market cap of 349.77 million.