A&P Narrows Second-quarter Loss
MONTVALE, N.J. - The Great Atlantic & Pacific Tea Co., operator of the A&P supermarket chain, said yesterday it had reduced its second-quarter loss, but bad weather at several resort areas had kept sales down.
A&P reported a loss of $64.2 million, or $1.67 a share, for the second quarter vs. a loss of $83.7 million, or $2.17 a share, last year.
The latest figures feature a charge of $24.7 million, or 50 cents a share, resulting from a settlement between the retailer and its Food Basics franchisees in Canada.
The loss from continuing operations came to $64.5 million, or $1.68 a share. Sales for the latest quarter increased 1 percent to $2.49 billion from last year's $2.46 billion.
Same-store sales went up 0.1 percent, decreasing 1 percent in the United States and increasing 3.9 percent in Canada.
A&P attributed the U.S. decline to inclement weather at the company's summer resort locations.
Canadian sales rose because of a fresh-food marketing program and solid discount sales at the Food Basics stores. As part of Food Basics settlement, A&P will buy out 24 previously franchised stores, setting the stage for brand growth in the province of Ontario.
A&P reported a loss of $64.2 million, or $1.67 a share, for the second quarter vs. a loss of $83.7 million, or $2.17 a share, last year.
The latest figures feature a charge of $24.7 million, or 50 cents a share, resulting from a settlement between the retailer and its Food Basics franchisees in Canada.
The loss from continuing operations came to $64.5 million, or $1.68 a share. Sales for the latest quarter increased 1 percent to $2.49 billion from last year's $2.46 billion.
Same-store sales went up 0.1 percent, decreasing 1 percent in the United States and increasing 3.9 percent in Canada.
A&P attributed the U.S. decline to inclement weather at the company's summer resort locations.
Canadian sales rose because of a fresh-food marketing program and solid discount sales at the Food Basics stores. As part of Food Basics settlement, A&P will buy out 24 previously franchised stores, setting the stage for brand growth in the province of Ontario.