The Pantry - Final Thoughts

Ticker Symbol: PTRY

Final Thoughts

The Pantry remains extremely sensitive to gasoline demand. Comparable same-store fuel sold in gallons dropped 6.4% despite prices at the pump running 40.6% lower versus last year. Lower traffic at their stores coupled with declining fuel demand is a concern. Fuel margins did rise to $0.112 last quarter, but the increase reflects comparatively low margins last year at $0.09.

The Pantry has made great strides to improve the health of its balance sheet, highlighted by the $26 million bond buyback which helped improve debt ratios. Pantry had built up a rather excessive debt load to finance CEO Pete Sodini?s expansive, and somewhat overreaching, string of acquisitions. On April 23rd, Pantry announced Sodini will retire at the end of September 2009.

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