CARTERET, N.J -- Pathmark Stores here said last week it sees itself in a good position in operating stores in the highly competitive metro New York, New Jersey and Philadelphia markets following its healthy first-quarter financial results.
day, in our marketplace," said Jim Donald, Pathmark chairman, president and chief executive officer, who attributed first-quarter momentum to persistent execution of the company's "next-level" initiatives, part of its post restructuring plan.
The media hype surrounding a major snowstorm that was predicted to hit the New York metro area during the first week in March and instead swerved to New England contributed a 100-basis-point increase to the overall 310-basis-point increase in quarterly sales, the company said.
Net earnings were favorably impacted by a $24 million reduction in interest expense. First quarter net earnings were $5 million or 16 cents per diluted share; in the prior year's first quarter, there was a net loss of $16.1 million or 54 cents per diluted share.
Operating cash flow for the first quarter was $45.2 million compared to $45.7 in the prior year's period.
Going forward, Pathmark's operating cash flow target for the year remains within the $185 million to $190 million range, the company said.
