US regional grocer Great Atlantic & Pacific Tea Co (A&P) has reported a sharp rise in quarterly net profit, helped by cost-cutting measures.
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New Jersey-based A&P reported net income of US$20.3m for the first fiscal quarter to 14 June, compared to $1.9m a year earlier.
The company’s quarterly sales were $3.2bn, compared to $3.1bn a year earlier. Same-store sales fell 0.1%.
A&P said the economic and operating environment continued to put pressure on sales and profitability, reported Reuters.
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