The Pantry this morning announced that sales and profit fell during its fiscal third quarter, as gasoline prices rose and the recession hurt merchandise sales.
The company, which moved its headquarters to Cary from Sanford this summer, is the largest convenience-store chain in the southeast, with more than 1,600 stores in 11 states.
Net income for the quarter ended June 25 was $43,000, or break-even on a per-share basis. During the same quarter last year, net income was $10.7 million, or 48 cents a share.
Revenue fell 34 percent to $1.63 billion. That was slightly less than analysts had expected.
In addition to higher wholesale gas prices, which eat into profit, the results were affected "by the ongoing economic softness in our markets and by higher tobacco excise taxes," said CEO Peter J. Sodini, who plans to retire this fall.