A&P announces widened loss in Q3, declines in sales, comps
Montvale, N.J. The Great Atlantic & Pacific Tea Co. reported Tuesday that losses for the third quarter ended Dec. 5 widened to $502 million -- which included charges of about $425 million -- compared with a loss of $3.8 million for the year-ago period.
Sales for the third quarter were $2.0 billion versus $2.1 billion last year. Comparable-store sales decreased 5.8%.
Christian Haub, executive chairman of the board, said, “The U.S. food retail market continues to face one of the most difficult and challenging environments in many years which analysts expect will extend through the first half of 2010. … Since assuming the role of interim CEO, I have launched efforts to assess all aspects of our business and to develop initiatives to improve our performance in the short term.”
A&P operates 433 stores in eight states and the District of Columbia under the banners A&P, Waldbaum's, Pathmark, Pathmark Sav-a-Center, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.