WOODBRIDGE, N.J. -- Pathmark Stores here, in a preliminary report, said fourth-quarter sales were flat and 52-week sales were slightly down in fiscal 1994.
d a net loss of $21.2 million in the same periods of fiscal 1993.
Pathmark said it will report final results, including earnings, late next month. Sales for the 13-week period ended Jan. 28 were even at $1.08 billion. Sales for the year were $4.15 billion, a 1.4% decrease from sales of $4.21 billion in fiscal 1993.
In fiscal 1994, Pathmark opened four new supermarkets, three of which replaced smaller stores, and completed 25 major remodels. Three of its five central Pennsylvania stores were closed. The remaining two will continue in operation.
In addition, three former supermarkets in Connecticut were closed and converted to Pathmark deep discount drug stores. At year-end, Pathmark operated 143 supermarkets and 36 freestanding drug stores.
Jack Futterman, chairman and chief executive officer, said this year's projected $30 million income would be "the first full year since the leveraged buy-out in 1987 in which we were able to show net earnings." Futterman also said that Pathmark "invested more funds in supermarket modernizations in 1994 than in any year in our history" and the company expects to accelerate the program in 1995.
"We started 1994 with 11 Pathmark 2000 stores and finished the year with 29," he said. "By the end of this current fiscal year, we expect to have over 50 Pathmark 2000 prototypes in operation."