CARTERET, N.J. -- Pathmark Stores here said last week sales declined for the first quarter ended May 1 as a result of three store closings in the prior year.
ed 2.4% to $894.5 million, while same-store sales fell 0.8%. The company said the drop in sales was a result of the closing of three stores a year ago, which was partially offset by one new store opening in the Harlem section of New York City during the quarter.
The company said it had a net loss for the quarter of $9.2 million, while operating cash flow was down 9.2% to $49.3 million.
According to Jim Donald, chairman, president and chief executive officer, first-quarter results were affected by the competitive promotional activity that continued from the fourth quarter, "[but] we are encouraged by the recent opening of two new stores -- one in New York City and one in Philadelphia."
