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The Great Atlantic & Pacific Tea Co., Inc. (A&P) yesterday reported sales of the 12-week fiscal 2009 fourth quarter ended Feb. 27, 2010 of $2.0 billion, vs. $2.3 billion in the year-ago period, while comparable-store sales fell 4.8 percent during the fourth quarter. A&P additionally posted a loss from continuing operations for the quarter of $158 million, vs. $84 million last year.
“The past year was certainly a challenge, as the economy continued its sluggish pace,” noted the company’s president and CEO, Ron Marshall. “The good news is that we have identified several critical issues within our organization that will lead us back to market prominence. We are committing our undivided attention to clarifying our brand identity in our principal banners, completing the integration of the Pathmark acquisition and maximizing supply chain cost improvement opportunities.”
For the 52-week full year ended Feb. 27, sales came to $8.8 billion, compared with $9.5 billion in fiscal 2008, which was 53 weeks. Comps decreased 4.3 percent during fiscal 2009. Reported loss from continuing operations was $781 million, compared with $90 million in the prior year.
“The fixes in our company are attainable and the initiatives are in place today to provide us the path forward,” insisted Marshall. “Concurrent to transforming the culture of our company, we are gaining ground in better understanding our customer, developing the skills critical for our success, making prudent reinvestments in our business and reducing costs through a process of continuous improvement. Our sole mission is to make the Great Atlantic & Pacific Tea Co. great, again.”
Montvale, N.J.-based A&P operates 429 stores in eight states and the District of Columbia under the following banners: A&P, Waldbaum’s, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.