A&P 1Q comps up 3.2%

MONTVALE, N.J. A&P announced that sales for the first quarter were $2.9 billion versus $1.7 billion last year. Comparable-store sales increased 3.2%, which excludes sales for Pathmark stores acquired in December 2007. Comparable-store sales for Pathmark, measured during the same period, increased 3.1%.

Eric Claus, president and ceo, said, "The first quarter of 2008 clearly demonstrates our continuing progression in operating improvement with the achievement of our fourth straight quarter of comparable store sales of over 3%. Further, Pathmark is already achieving positive results with comparable-store sales climbing above 3% for the first time in many years. The company is also well underway with the completion of the Pathmark integration, as many of the planned milestones have been achieved. As of the end of the first quarter, our annualized run-rate of synergies is approximately $100 million.

For the first quarter, net income from continuing operations was $3.8 million, with a net loss per diluted share of 48 cents after adjusting for Nonoperating income related to fair value adjustments. This compares to income of $61.4 million or $1.45 per diluted share in the same period last year.