CARTERET, N.J. -- Pathmark Stores here said last week that increased competitive activity and fewer stores resulted in a slight decline in sales for the year and fourth quarter ended Jan. 30.
said operating cash flow -- earnings before interest, taxes, depreciation, amortization, gains on the sale of real estate and LIFO credit -- increased 5.6% for the year to $212.5 million, or 5.8% of sales, compared with $201.2 million, or 5.4%, a year ago.
For the 13-week quarter, sales declined 2.6% to $916.3 million, and same-store sales fell 0.8%. Operating cash flow fell 3.3% to $58.1 million, or 6.3% of sales, compared with $60.1 million, or 6.4% a year ago, the company said.
Jim Donald, chairman, president and chief executive officer, said the drop in sales was due primarily to closed and divested stores in the prior year; he also said fourth-quarter sales were affected by increased competitive activity.
He said Pathmark has four stores under construction: three in New York City and one in Philadelphia.