USA: A&P swings to Q4 loss
US supermarket chain The Great Atlantic & Pacific Tea Co (A&P) has posted a fourth-quarter loss on flat sales, compared to a year-earlier profit.
The New Jersey-based retailer reported a loss of US$21m for the fourth quarter to 22 February, compared with earnings of $20.4m a year earlier.
A&P’s revenue for the quarter was $2.52bn, compared with $2.51bn in the fourth quarter of the previous year, reported AP Online.
The company said its “ongoing” operating loss was 97 cents a share for the fourth quarter, compared to an operating profit of 23 cents a share in the year-ago period.
A&P said it has cut costs and started to sell some assets in a bid to stop the decline of its results.
For its full fiscal year A&P recorded a net loss of $193.5m, on revenue of $10.79bn, compared with a net loss of $71.9m for the previous year, on revenue of $10.97bn.
US grocery chain, the Great Atlantic & Pacific Tea Company (A&P) has announced reduced sales for the fourth quarter and full year ended 26 February along with a restructuring plan....
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