SANFORD, N.C. -- The Pantry Inc. has announced that it expects fiscal 2006 earnings per share to substantially exceed its previous guidance.
Based on preliminary, unaudited data, the company expects to report diluted earnings per share for its fiscal year ended Sept. 28, 2006, in a range between $3.80 and $3.85, compared with the previous guidance range of $3.20 to $3.30. Diluted earnings per share for fiscal 2005 were $2.64, including 22 cents per share in charges related to store closings, impairment charges and uninsured losses associated with Hurricane [image-nocss] Katrina. Comparable store merchandise sales and gasoline gallons sold for fiscal 2006 increased 4.9% and 3.1%, respectively.
Chairman and CEO Peter J. Sodini said, "We believe these strong preliminary results for fiscal 2006 reflect the ongoing benefits from acquisitions completed over the last two years, our store rebranding and reimaging programs and efforts to enhance our merchandise offerings. In addition, we had favorable conditions in the gasoline market during the fourth fiscal quarter, as the cost of gasoline declined significantly."
Headquartered in Sanford, N.C., The Pantry had net sales for fiscal 2005 of approximately $4.4 billion. As of Sept. 28, 2006, the company operated 1,493 stores in 11 states under several banners, including Kangaroo Express, its primary operating banner.Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.