Pantry Inc., which runs convenience stores in the southeastern U.S., said Tuesday that its fiscal third-quarter profit plunged mostly on declining gasoline prices.
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Earnings for the period ended June 25 slid to $43,000, or breakeven per share results, compared with $10.7 million, or 48 cents per share, during the same period a year ago.Quarterly sales slid 34 percent to $1.63 billion from $2.47 billion on declining gasoline revenue, but met Wall Street's estimate. The average retail price for a gallon of gas dropped 40.4 percent from a year earlier.The company's stock fell $2.40, or 13 percent, to $15.96 in morning trading. Over the past year, the shares have traded in a range of $13.31 to $25.97.Expected net income of 45 cents per share as per Analyst surveyed.
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