A&P, the US-based retailer, today (18 July) booked a net income of US$2.2m for the 16 weeks to 14 June.
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The company, which is in the process of bedding down last year’s Pathmark acquisition, saw its first-quarter result swing from a net loss of $65.1m a year ago.
Revenue was up from $1.7bn last year to $2.9bn during this fiscal first quarter. Comparable-store sales climbed 3.2%.
President and CEO Eric Claus said: “The first quarter of 2008 clearly demonstrates our continuing progression in operating improvement with the achievement of our fourth straight quarter of comparable store sales of over 3%. Further, Pathmark is already achieving positive results with comparable store sales climbing above 3% for the first time in many years.”
Chairman Christian Haub added that the forecast annual synergies of $150m expected from the Pathmark deal are “well within our grasp”.
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