On Thursday, convenience store operator The Pantry (NASDAQ:PTRY) released first-quarter results for the period ended Dec. 28, 2006. Here are the quick and dirty details.

  • Sales grew 5% to $2 billion as same-store merchandise sales advanced 1.9% and gasoline comps increased 2%.
  • Total diluted earnings fell almost 100% as "results were significantly affected by unusually low gasoline margins relative to our historical seasonal trends."
  • So far this year, The Pantry has acquired 133 convenience stores, ahead of the 113 acquired at the same point last year.

(Figures in millions, except per-share data)

Income Statement Highlights

Q1 2007

Q1 2006

Change

Sales

$1,381

$1,315

5.0%

Net Profit

$0.1

$33

(99.6%)

EPS

$0.01

$1.45

(99.3%)

Diluted Shares

23.0

22.7

0.9%

Three months ended Dec. 28, 2006, and Dec. 29, 2005

Get back to basics with a look at the income statement.

Margin Checkup

Q1 2007

Q1 2006

Change*

Gross Margin

12.4%

15.6%

(3.2)

Operating Margin

1.0%

5.3%

(4.)

Net Margin

0.0%

2.5%

(2.50)

*Expressed in percentage points

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Assets

Q1 2007

Q1 2006

Change

Cash + ST Invest.

$111

$190

(41.5%)

Accounts Rec.

$63

$53

19.0%

Inventory

$130

$116

12.4%



Liabilities

Q1 2007

Q1 2006

Change

Accounts Payable

$129

$123

5.1%

Long-Term Debt

$602

$604

(0.3%)



Learn the ways of the balance sheet.

Cash Flow Highlights

Fools will have to wait until the company files its 10-Q for juicy cash flow details.

Find out why Fools always follow the money.

Comparable companies:

  • Kroger (NYSE:KR)
  • Pathmark Stores (NASDAQ:PTMK)
  • Village Super Market (NASDAQ:VLGEA)
  • Casey's General Stores (NASDAQ:CASY)

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Fool contributor Ryan Fuhrmann has no financial interest in any company mentioned. Feel free to email him with feedback or to discuss any companies mentioned further. The Fool has an ironclad disclosure policy.