The Great Atlantic & Pacific Tea Company Inc (A&P) announced fiscal 2008 fourth quarter and full-year results for the 13 and 53 weeks ended February 28, 2009.
Eric Claus, president and chief executive officer, said, “We are pleased that we were able to deliver respectable results for this latest quarter and for the year in this unprecedented time of economic recession. Although we are fortunate to be in the supermarket business, we are all feeling the effects of a cash-strapped consumer. Despite the difficult environment, we made much progress again this quarter.”
Sales in the 13-week fourth quarter of fiscal 2008 were $2.3 billion, compared with $2.2 billion in the prior year’s 12-week fourth quarter. Comparable store sales decreased 1.3% during the comparable 13-week period.
For the 13-week fourth quarter, reported loss from continuing operations was $83.4 million compared with a loss of $44.6 million for last year’s 12-week quarter.
Sales for the 53-week full year were $9.5 billion versus $6.4 billion for the 52-week fiscal 2007. Comparable store sales increased 2.0% for A&P and increased 0.8 % for Pathmark, when measured during the same period.
The reported loss from continuing operations for the 53-week full year was $86.2 million versus income from continuing operations of $87.0 million for the 52-week fiscal 2007.