CARY, N.C. — The Pantry, the largest independently-operated convenience store chain in the Southeast, today reported a net loss of $12.2 million for its fiscal first quarter, ended Dec. 30, 2010. That compares to a net loss of $26.1 million for the first quarter of 2010.

The company noted that 2010 first quarter results were affected by impairment and other charges. Net loss was $5.8 million excluding the impact of those charges in 2010.

Other key facts released by the retailer include:

* Adjusted EBITDA was $31.3 million, compared to $40.3 million a year ago
* Comparable store merchandise revenue increased 1.3 percent
* Merchandise gross margin improved to 33.5 percent from 32.6 percent in last year’s first quarter
* Fuel gross profit was $50.7 million, compared to $57.0 million a year ago
* Completed the 47-store Presto acquisition, using $47.6 million in cash

According to The Pantry’s President and CEO Terry Marks, soft merchandise comparable store sales and low fuel margins resulted in keeping adjusted EBITDA below company’s expectations.