A&P profit down in Q4
Montvale, N.J. The Great Atlantic & Pacific Tea Co. recorded a loss of $171.4 million for the fourth quarter, with same-store sales down 4.8%.
For the full fiscal year, ended Feb. 27, the supermarket operator posted a net loss of $876.5 million.
Annual sales fell to $8.8 billion, from $9.5 billion the previous year.
“The past year was certainly a challenge, as the economy continued its sluggish pace,” said A&P CEO Ron Marshall, who was appointed to the position in early 2010. “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.”