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MONTVALE, N.J. - The Great Atlantic & Pacific Tea Company Inc. today announced that sales for the third quarter ended Dec. 1, 2001, were $2.5 billion in fiscal 2001 vs. $2.4 billion in fiscal 2000. Comparable store sales increased 3.1%.
Christian Haub, chairman of the board, president and CEO, said: "We are pleased with our continued progress in the third quarter. We have now improved performance from our businesses four quarters in a row.
"We recently strengthened the company's financial flexibility through the issuance of new 10-year notes used to retire other debt. Our previously announced asset disposition program is on schedule, and we expect to have a majority of the 39 stores closed by fiscal year end. I am grateful to all our associates for their ongoing efforts in building our company."
On Nov. 14, 2001 the company announced a program to improve operating results by disposing of underperforming assets, including 39 stores. As a result of this program, the company expects to incur costs and accrue charges in total in the range of $115 to $125 million after tax, in order to write down fixed assets, close stores, incur restructuring costs, and accrue for future occupancy expenses.
Founded in 1859, A&P was one of the nation's first supermarket chains, and is today one of North America's 10 largest. In the third quarter, the company opened 7 new stores, remodeled or expanded 7 stores, and ended the quarter with 740 stores. The company operates in 15 states, the District of Columbia and Ontario, Canada under the following trade names: A&P, Waldbaum's, Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug.