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CARTERET, N.J. - Pathmark Stores, based here, today reported a loss of $1.8 million, or six cents a share, for its first quarter ended May 1. Weaker sales, higher promotion costs, and increased medical expenses were blamed for the loss. Last year Pathmark, which operates 142 supermarkets in the Northeast, made a profit of $900,000, or nine cents a share, for the same period.
For the first quarter, excluding a special gain of two cents a share related to an asset sale, Pathmark posted a loss of eight cents a share. According to Reuters, analysts had expected a loss of nine cents a share.
Sales decreased 1.5 percent to $990.1 million, while same-store sales fell 1.4 percent for the quarter. For the full year, Pathmark said it still expects to earn between 28 and 47 cents a share, with sales growth either flat or up a modest 1 percent.