Pantry Inc fka PTRY

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The Pantry Affirms Fiscal 2008 Guidance Ranges
Date : 06/19/2008 @ 8:52AM
Source : Business Wire
Stock : The Pantry, Inc. (PTRY)
Quote : 9.55 -0.01 (-0.10%) @ 11:22AM
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The Pantry Affirms Fiscal 2008 Guidance Ranges




The Pantry, Inc. (NASDAQ: PTRY), the leading independently operated convenience store chain in the southeastern U.S., today announced that it remains comfortable with its most recent financial performance guidance ranges for fiscal 2008 and expects third quarter earnings per share to exceed First Call consensus estimates.

The Company continues to expect merchandise and retail gasoline sales for fiscal 2008 to be within the ranges of $1.6 to $1.7 billion and 2.1 to 2.2 billion gallons, respectively. The merchandise gross profit margin is expected to be approximately 37%, with a retail gasoline margin between 10 and 12 cents per gallon. The Company also continues to expect that fiscal 2008 store operating and general and administrative expenses will be at the low end of the previously announced range of $615 to $630 million.

In addition, while earnings per share for the fiscal third quarter ending June 26, 2008 are expected to be below the corresponding period a year ago, the Company expects third quarter earnings per share to exceed the current First Call consensus estimate of $0.23. The Company is currently, and expects to remain, in compliance with all of its applicable debt covenants.

Later today at the William Blair & Company Growth Stock Conference, Chief Financial Officer Frank Paci will give a presentation about the Company. The session featuring Mr. Paci is scheduled for 12:10 p.m. Eastern Time. A live audio webcast, as well as presentation materials, will be available at www.thepantry.com. A replay of the webcast will be available for 30 days after the conference.

About The Pantry Headquartered in Sanford, North Carolina, The Pantry, Inc. is the leading independently operated convenience store chain in the southeastern United States and one of the largest independently operated convenience store chains in the country, with revenues for fiscal 2007 of approximately $6.9 billion. As of June 16, 2008, the Company operated 1,660 stores in eleven states under select banners, including Kangaroo Express, its primary operating banner. The Pantry's stores offer a broad selection of merchandise, as well as gasoline and other ancillary services designed to appeal to the convenience needs of its customers