US retailer A&P has managed to reduce its losses during the last 12 months, which were dubbed a “successful transition year” by the company’s chief executive.
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A&P, which recently agreed to buy rival Pathmark, said yesterday (25 April) that operating losses had narrowed to US$10.1m during the year to 24 February, down from $320.7m a year earlier. Revenue from continuing operations, however, was down 0.5% to $6.9bn.
The company’s net income reached $26.9m, down from the $392.6m it recorded a year earlier, when the sale of its Canadian operations boosted the figures.
President and CEO Eric Claus said tighter control on costs had driven down the company’s operating losses. “We were very pleased with our bottom line progress,” Claus said.
“Our positive results were in line with internal forecasts in most key measurements. With continued focus on current strategies and the successful integration of Pathmark, we are confident of accelerated improvement in Fiscal 2007.”
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By GlobalDataWhile A&P focuses on sealing its acquisition of Pathmark, the company is in talks to offload its operations in the Midwest. The company said it wants to devote resources to its expanding core business in the Northeast.
Last week, the US Federal Trade Commission asked for more information on A&P’s planned $1.3bn acquisition of Pathmark.
