US retailer A&P revealed today (6 May) that its fourth-quarter losses widened due to costs associated with last year’s US$665m acquisition of Pathmark Stores.
The company reported a loss of $61.5m, or $1.73 per share, compared with a loss of $7.2m, or $0.17 per share, for the comparable period of last year.
Losses from continuing operations quadrupled to $44.6m compared with a loss of $11m for the final quarter of last year.
However, quarterly sales were up 73% from $1.27bn, rising to $2.2bn. Same-store sales increased 3%, excluding Pathmark.
For the full year, the company reported a loss of $160.7m, against a profit of $26.9m posted in the last fiscal year.
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Nevertheless, delivering the results, A&P president and CEO Eric Claus remained upbeat.
“The results in our retail operations have steadily improved during the last three years. This past year has seen the strongest top line sales trend in many years. The Pathmark integration is progressing smoothly with early assessments of potential synergies consistent with supporting the attainment of $150m of projected synergies,” Claus said.
A&P operators chains including include Best Cellars, Waldbaum’s and The Food Emporium.