PTRY 2002AR

The Pantry, Inc. is the largest convenience store operator in the southeastern United States, operating 1,289 stores across 10 states. In fiscal year 2002, the company focused on operational excellence through strategic investments and initiatives to enhance store performance and gasoline operations. While total revenues declined from $2.6 billion in 2001 to $2.5 billion in 2002 due to lower gasoline prices, the company grew comparable store merchandise sales by 3.4% and gasoline volume by 1.5%. Net income improved to $1.8 million compared to a net loss in 2001, as the company paid down debt and ended the year with $42.2 million in cash.