A&P Quarterly Loss Narrows
MONTVALE, N.J. - Regional supermarket chain Great Atlantic & Pacific Tea Company, Inc. (A&P) today reported gradual improvements for its fiscal 2003 second quarter, which ended Sept. 6.
Sales for the second quarter were $2.4 billion, compared with $2.3 billion in the second quarter of fiscal 2002. Comparable store sales increased 1.1 percent vs. year-ago. The loss for the second quarter was $2.17 per share, compared with a loss of $3.76 in the prior year. Excluding discontinued operations and certain nonrecurring adjustments, the ongoing operating loss per share in the quarter was $1.62, compared with ongoing operating loss of $.33 per share for the second quarter last year.
EBITDA for the second quarter, based on ongoing operating earnings, was $35 million compared to $52 million in the prior year's second quarter.
Christian Haub, chairman of the board, president and c.e.o., said, "Our second quarter results reflect gradual improvement within our U.S. business, consistent with our expectations at this stage of the turnaround process. Our Canadian company posted solid results, in light of the continued economic and competitive impact of the SARS and BSE issues in Ontario throughout the quarter.
"Although our turnaround is a work in progress, I am pleased with the stability and direction of our U.S. operations, the continued strength of A&P Canada, and our improving liquidity. We have already taken tough and decisive actions to structure our business for success, and will continue to act as necessary to achieve our objectives," Haub said.
Sales for the second quarter were $2.4 billion, compared with $2.3 billion in the second quarter of fiscal 2002. Comparable store sales increased 1.1 percent vs. year-ago. The loss for the second quarter was $2.17 per share, compared with a loss of $3.76 in the prior year. Excluding discontinued operations and certain nonrecurring adjustments, the ongoing operating loss per share in the quarter was $1.62, compared with ongoing operating loss of $.33 per share for the second quarter last year.
EBITDA for the second quarter, based on ongoing operating earnings, was $35 million compared to $52 million in the prior year's second quarter.
Christian Haub, chairman of the board, president and c.e.o., said, "Our second quarter results reflect gradual improvement within our U.S. business, consistent with our expectations at this stage of the turnaround process. Our Canadian company posted solid results, in light of the continued economic and competitive impact of the SARS and BSE issues in Ontario throughout the quarter.
"Although our turnaround is a work in progress, I am pleased with the stability and direction of our U.S. operations, the continued strength of A&P Canada, and our improving liquidity. We have already taken tough and decisive actions to structure our business for success, and will continue to act as necessary to achieve our objectives," Haub said.
