The Great Atlantic & Pacific Tea Company, yesterday (8 January) posted narrower than expected losses after the US retailer saw “solid” sales gains during the first nine months of the year.
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The company said losses from continuing operations for the year-to-date totalled US$2.8m, compared to income of $184.5m last year from the sale of its Metro shares.
The Great Atlantic & Pacific Tea Company, which operates the A&P, Waldbaum’s, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh, and Food Basics banners, said sales in the first nine months of the year rose to $7.2bn, up from $4.2bn for the comparable period of last year.
An increased focus on pricing and promotional strategies drove sales gains, Eric Claus, president and CEO, said.
“I am pleased with the company’s solid performance in the quarter. Changes in our merchandising, pricing and promotional strategies have been successful in meeting the financially strained budgets of our customers in these difficult economic times,” Claus said.
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By GlobalData
