WOODBRIDGE, N.J. -- Pathmark Stores here said sales rose slightly and operating cash flow declined for the second quarter and 26 weeks ended Aug. 2.
the quarter and 0.9% for the half.
The company said it attributed the same-store sales gains to the implementation of strategic initiatives to lower prices and improved customer service.
Operating cash flow was down 17.7% for the quarter to $50.6 million and 14.5% for the half to $98.9 million, "[which] reflects the anticipated investments necessary to provide greater value to customers," said Ron Marshall, executive vice president and chief financial officer.
The company said it had a net loss for the quarter and year-to-date, including an extraordinary item of $7.5 million representing a loss on early extinguishment of debt, primarily related to the company's refinancing of its bank credit agreement.
Qtr Ended 8/2/97 8/3/96
Sales $931.9 million $931.3 million
Change + 0.06%
Same-store + 1.1%
Net Income ($14.8 million) ($1.7 million)
26 Weeks 1997 1996
Sales $1.85 billion $1.84 billion
Change + 0.54%
Same-store + 0.9%
Net Income ($23.6 million) ($7.2 million)
Includes extraordinary item of $7.5 million representing a loss on early extinguishment of debt, primarily related to Pathmark's refinancing of its bank credit agreement.