PENN TRAFFIC CONFIDENT DESPITE DECLINES

SYRACUSE, N.Y. -- Encouraged by the progress of its remerchandising program, Penn Traffic Co. here expressed optimism last week about its long-term financial performance, despite third-quarter declines.Analysts questioned by SN last week were more guarded in their outlooks, but they expressed cautious optimism about a potential turnaround.For the 13-week quarter ended Nov. 2, Penn Traffic reported

SYRACUSE, N.Y. -- Encouraged by the progress of its remerchandising program, Penn Traffic Co. here expressed optimism last week about its long-term financial performance, despite third-quarter declines.

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