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CARTERET, N.J. - Pathmark Stores Inc. today reported an 18 percent decrease in adjusted fourth-quarter profits due to the U.S. recession. Net earnings, as adjusted, were $11.1 million or $0.36 per diluted share versus $13.6 million or $0.45 per diluted share in the prior year fourth quarter.
Sales for the 13-week fourth quarter of fiscal 2001 were $1,002.5 million compared to $1,056.0 million in the prior year 14-week fourth quarter. Total sales, excluding the extra week in fiscal 2000, increased 1.9 percent and 5.1 percent in the fourth quarter and fiscal 2001, respectively. Same store sales, excluding the extra week in fiscal 2000, increased 0.3 percent in the quarter and 2.5 percent in fiscal 2001.
Jim Donald, chairman, president and CEO said, "Pathmark made significant gains in 2001 despite a difficult recessionary environment in the second half of the year. We are currently seeing some improvement in the economy and expect it to continue to rebound as the year unfolds. 2001 marked our fifth consecutive year of positive same store sales performance. While our marketplace remains competitive, we are well positioned for the future."
The company, which emerged from Chapter 11 bankruptcy in September 2000, expects to open six new stores, renovate 19 stores, and make additional technology investments in fiscal 2002. Two of the six new stores will replace existing units.
Pathmark Stores Inc. operates 142 supermarkets primarily in the New York-New Jersey and Philadelphia metropolitan areas.