Penn Traffic Loses $12.4M in Q1

Four-dollar gas and a triple helping of supercenter competition combined to wallop Penn Traffic during the fiscal first quarter, the retailer said last week. Penn Traffic posted a loss of $12.4 million for the fiscal first quarter that ended May 3 compared with a $7.4 million loss in the same period a year ago. Sales were down by 3.6%, to $287.1 million, and comparable-store sales

SYRACUSE, N.Y. — Four-dollar gas and a triple helping of supercenter competition combined to wallop Penn Traffic during the fiscal first quarter, the retailer here said last week.

Penn Traffic posted a loss of $12.4 million for the fiscal first quarter that ended May 3 — compared with a $7.4 million loss in the same period a year ago. Sales were down by 3.6%, to $287.1 million, and comparable-store sales fell by 1.4%. Gross profits as a percentage of sales also dipped, to 26.1%

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