WOODBRIDGE, N.J. -- Pathmark Stores here last week reported net income and lower sales for its first quarter ended April 30.
8 million charge related to accounting changes.
Operating earnings declined 2.8% in the 13-week quarter to $38.9 million from $40 million.
Sales totaled $1.02 billion, a decrease of 4.9%. Pathmark attributed the decline to the exclusion of results from five supermarkets expected to be closed or sold in 1994.
Jack Futterman, chairman and chief executive officer, said the first-quarter results were "somewhat below expectations," which he attributed to abnormally heavy snowstorms and related expenses during the first half of the quarter.
"We are pleased to have completed seven major [store] renovations and enlargements during the quarter," he said. "We currently have each of our expected four new supermarkets under construction and expect to commence construction by the fall on up to six new supermarkets, which will open in fiscal 1995."
