Shares in US grocery retailer A&P plummted today (23 July) after the company reported widening first-quarter losses and shocked the market with the appointment of a seciond CEO in six months.
A&P’s stock was down over 30% at $2.74 at 12:13 ET this afternoon as the market digested the news that Ron Marshall had been replaced in a post he had only held since January.
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The retailer, which had seen its annual losses reach for the year to 27 February, today posted an adjusted loss from operations of $51m for the 16 weeks to 19 June.
A&P’s reported loss from continuing operations was $116m; a year earlier, it stood at $58m.
Excluding non-operating items, adjusted EBITDA was $19m versus $81m for last fiscal year’s first quarter.
Sales for A&P’s first quarter were $2.6bn against $2.8bn a year ago. Comparable-store sales decreased 7.2%.
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By GlobalDataExecutive chairman Christian Haub said: “Although we are clearly disappointed with our performance in the first quarter, we are confident that we now have the right leadership in place to drive this operational and revenue-driven turnaround effort and make A&P a great company again.”
