Restructuring Costs Ate Into Fourth-quarter Profits, but A&P's Ready for Consolidation
MONTVALE, N.J. -- Citing restructuring costs, the Great Atlantic & Pacific Tea Co., Inc. (A&P) here yesterday posted a net loss for the 12-week fourth quarter ending Feb. 25 of $39.1 million, or 95 cents per diluted share, this year, vs. a loss of $5.7 million, or 15 cents per diluted share, last year. U.S. sales for the fourth quarter were $1.6 billion, compared with $1.7 billion in the year-ago period. Fiscal 2004 fourth-quarter total sales of $2.6 billion include $853 million related to A&P Canada, which was sold in August 2005. U.S. total comparable-store sales grew 1.4 percent over last year.