SYRACUSE, N.Y. -- Encouraged by the progress of its remerchandising program, Penn Traffic Co. here expressed optimism last week about its long-term financial performance, despite third-quarter declines. Analysts questioned by SN last week were more guarded in their outlooks, but they expressed cautious optimism about a potential turnaround. For the 13-week quarter ended Nov. 2, Penn Traffic reported a $15.9 million net loss vs. a $350,000 loss a year ago. Sales fell 4% to $811.1 million, ...

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