The transformation of operations could not help Great Atlantic & Pacific Tea Co. (A&P) in improving sales as it posted a wider first-quarter loss on flat revenue.
The company, based in Montvale, New Jersey, saw a quarterly loss of $1.03 a share, as compared to 15 cents a share a year ago.
The loss also included a loss of $125 million from the non-core operations in the Midwest and New Orleans, which was offset by a gain of $78 million from the sale of Metro Inc. share, the company said in a statement.
The company said in March it planned to buy Pathmark Stores Inc. for $1.3 billion in cash, stock and debt, but no development on that is reported.
Founded in 1859, A&P is one of the first supermarket chains in the United States. The company operates 337 stores in 8 states and the District of Columbia under various trade names including A&P, Waldbaum’s, The Food Emporium, Super Foodmart, Super Fresh, Sav-A-Center and Food Basics.
