Pathmark Posts Profit, Not Including Items From Restructuring
CARTERET, N.J. -- Pathmark Stores Inc. said it posted a profit before reorganization and other items for the fiscal fourth quarter of $13.6 million, or 45 cents a diluted share, mainly because of the opening of new stores and renovation of existing locations.</br></br>Including the reorganization and other items, the supermarket chain reported a net loss of $48.5 million, or $1.62 a share, for the period ended Feb. 3.</br></br>For a year earlier, Pathmark posted a loss of $2.5 million, or eight cents a share.</br></br>Results in the recent quarter are a combination of two different entities formed because of the company's emergence from Chapter 11 protection in September 2000.</br></br>Sales for the period climbed 11% to $1.06 billion from $956.1 million. Aside from an extra week in 2000, a company spokesman said the increase was driven by strong holiday sales, the opening of four new stores and renovation of 19 stores in the Philadelphia and New York City metropolitan areas.