WOODBRIDGE, N.J. -- Pathmark Stores here said increased competitive pressures led to decreased sales and a loss during the third quarter ended Oct. 28.
Sales for the 13 weeks declined 3.7% from $1.03 billion in last year's like period to $990.3 million this year. Sales for the 39 weeks slipped 1.6% from $3.09 billion to $3.04 billion. Comparable-store sales were down 0.2% in both the quarter and year-to-date.
The company recorded a $3.7 million net loss for the quarter compared with net income of $3.9 million in the year-ago period.
For the year-to-date, net income jumped 153.7% from $14.9 million to $37.8 million.
Jack Futterman, chairman and chief executive officer of Pathmark, said the "sluggish" results could be attributed to the chain's strong promotional activities in response to increased competitive pressures during the quarter.
In a related development, Standard & Poor's has lowered its rating on Pathmark's subordinated notes from single-B to single-B-minus, saying, "Pathmark's operating performance has continued to be below Standard & Poor's expectations."
