A&P Reports $89 Million Loss

Montvale, N.J., A&P reported a net loss of $89 million for the first quarter of the fiscal year ending June 18. Sales for the first quarter were $3.4 billion, a 3.1% increase. The loss includes $68 million worth of charges.

Christian Haub, CEO of A&P, said the company plans to complete the sale of its Canadian stores in the second quarter. He said A&P will use the proceeds of the sale to counter the loss and remodel stores. According to Haub, A&P is getting good returns on full-scale remodels of stores, which cost $1.5 million each, so the company plans to do more remodeling.