The chief of US retailer A&P said yesterday (12 May) that the company had unveiled “respectable” results during the fourth quarter of its fiscal year – despite same-store sales falling and its losses widening.

The company, which runs 436 stores in eight US states, saw reported losses from continuing operations of US$83.4m in the three months to 28 February – compared to a loss of $44.6m a year earlier.

Sales stood at US$2.3bn, compared to $2.2bn during A&P’s fiscal 2008 fourth quarter, which contained one less week.

Comparable-store sales fell 1.3% when measured over the comparable 13-week period.

Nevertheless, A&P president and CEO Eric Claus preferred to focus on the group’s “positive cash flow” and “improved adjusted EBITDA”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Just Food.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“”We are pleased that we were able to deliver respectable results for this latest quarter and for the year in this unprecedented time of economic recession,” Claus said.

A&P’s adjusted EBITDA for its fiscal fourth quarter stood at US$84.7m, compared to US$72.2m in the 12-week fourth quarter last year.

Over the full year, A&P booked a reported loss from continuing operations of US$86.2m. A year earlier, A&P made income of US$87m, although that figure included a US$184.5m gain on the sale of shares in Canadian retailer Metro Inc.

Full-year sales reached US$9.5bn, boosted by an extra week but higher than the US$6.4bn booked a year earlier.

Comparable-store sales rose 2% for A&P and by 0.8% for the group’s Pathmark stores, which were acquired in December 2007.

Adjusted EBITDA reached US$326m over the year, against $159.4m a year earlier.