(Source: Datamonitor)
The Great Atlantic & Pacific Tea Company or A&P, a US-based supermarket chain, has announced a net loss of $80.31 million, or $3.74 loss per diluted share, for the second quarter ended September 12, 2009, compared to $18.1 million, or $1.97 loss per diluted share, for the same period of the previous year.
Sales for the second quarter of fiscal 2009 were $2.06 billion, compared to $2.18 billion for the second quarter of fiscal 2008. Comparable store sales for the second quarter of fiscal 2009 decreased 3.8%.
Net loss for the first 28 weeks of fiscal 2009 was $145.47 million, or $7.09 loss per diluted share, compared to $16.84 million, or $2.52 loss per diluted share for fiscal 2008.
Sales for the first 28 weeks of fiscal 2009 were $4.85 billion versus $5.1 billion in fiscal 2008. Comparable store sales decreased 3.6% during the 28-week period.
The company has announced that Eric Claus, president and CEO, will step down from his position. Christian Haub, executive chairman of the board, will reassume the CEO responsibilities, a position he previously held from 1998 until 2005.
Christian Haub, executive chairman of the board, said: "The current challenging economy continues to impact our business. The macro headwinds including rising unemployment, intensifying price competition and now also deflation are creating an even more difficult short-term economic environment. Nonetheless, we have made progress in several of our formats and many of our initiatives."
A service of YellowBrix, Inc.
