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CARTERET, N.J. - Pathmark Stores Inc. on Thursday reported quarterly results at break-even, compared with a year-ago loss, as it curbed business expenses.
Pathmark said net earnings for the third quarter of fiscal 2002 ended Nov. 2 were $0.1 million, or nil a share, vs. a net loss of $60.9 million, or $2.03 per diluted share, a year earlier.
The company, which operates 144 supermarkets primarily in the New York-New Jersey and Philadelphia metropolitan areas, said quarterly sales fell 2.6 percent to $971.6 million from $985.9 million in the prior year. Sales from stores open at least a year or same-store sales fell 2.6 percent.
"Despite the sluggish economy and difficult competitive environment, we are pleased to have shown improvement in our market share in the quarter. We have implemented initiatives to improve sales and have stepped up our expense control efforts," said CEO Eileen Scott.
Looking ahead, Pathmark forecast full-year same-store sales to be flat or up by 1 percent. The grocer also projected full-year profit ranging from 52 cents to 62 cents a share, which compares with a year-ago profit of 87 cents a share.