A&P Reports 3Q Loss
Montvale, N.J. The Great Atlantic & Pacific Tea Co. (A&P) on Thursday reported a fiscal third-quarter loss as expenses increased from the prior year, when the company booked a hefty gain on the sale of the Metro Inc. chain.
For the quarter ended Nov. 29, the grocer's loss totaled $13.6 million compared with a profit of $57.3 million in the prior-year period.
Loss from continuing operations totaled $3 million compared with earnings of $73.1 million in the same quarter a year before. The prior year's results included a $106.1 million gain from the Metro sale.
Quarterly sales surged 70% to $2.12 billion, from $1.25 billion in the prior year.
Same-store sales rose 1.9% for A&P stores and fell 0.5% for Pathmark supermarkets.