A&P 2Q sales up, earnings down

MONTVALE, N.J. A&P announced today that sales for the second quarter ended Sept. 8 were $1.3 billion versus $1.2 billion last year. Comparable-store sales increased 3.2%. Net loss from continuing operations was $2.9 million or 7 cents per share in the second quarter versus a loss of $2.2 million or 5 cents per share in the same period last year.

The company reported that sales for the 28 weeks year to date were $3 billion versus $2.9 billion in 2006. Comparable-store sales increased 1.9%. Net income from continuing operations for year to date 2007 was $58.5 million or $1.38 per diluted share, which includes a gain of $78.4 million from the sale of Metro Inc. shares, compared to a loss of $8.5 million or 21 cents per diluted share for 2006.

Christian Haub, executive chairman of the board, said, "A&P's strategic restructuring moved forward significantly in the 2nd quarter, as we exited our Midwest operations, and announced the divestiture of our Southern operations, which will be completed later this quarter. This fulfills our strategy to create a strong retail presence focused in our core Northeast markets, with improved profit and growth potential. "