US regional retailer Tops Markets has reported a first-quarter profit despite lower sales thanks to lower operating costs and a smaller interest charge.
The company booked net income of $651,000 for the 16 weeks to 21 April, compared to a net loss of $2.1m in the 16 weeks to 23 April last year. Operating income was up 10% at $19.3m amid lower SG&A costs.
However, Tops, which has 129 stores in New York state and Pennsylvania, reported lower sales year-on-year.
Net sales fell 1.8% to $704.4m on the back of a 2% decline in same-store sales, which Tops attributed to the timing of promotions and the Easter holiday.
President and CEO Frank Curci said the retailer had a “strong” first quarter. “We believe our differentiated go-to-market strategy continues to resonate with our customers, and we remain focused on delivering improved value to strengthen our customer loyalty and meet the specific needs of each community we serve,” Curci said on Monday (4 June).
Click here for the full release from Tops.
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