A&P net loss narrows to $99.85 million during 12 weeks ended Sept. 10

By Caroline Salls

Pittsburgh, Oct. 28 - The Great Atlantic & Pacific Tea Co., Inc. (A&P) reported a $99.85 million net loss for the 12 weeks ended Sept. 10 on $1.639 billion in sales, according to a 10-Q filed Friday with the Securities and Exchange Commission.

In comparison, A&P posted a $153.03 million net loss for the 12 weeks ended Sept. 11, 2010 on $1.918 billion of sales.

According to the 10-Q, the decline in sales resulted primarily from a $17.7 million decrease in comparable-store sales and the absence of $269.2 million in sales because of store closures. The decline was partially offset by $7.3 million of sales from two new stores.

Meanwhile, A&P had a $255.88 million net loss for the 28 weeks ended Sept. 10 on $3.869 billion in sales. For the 28 weeks ended Sept. 11, 2010, A&P reported a $274.82 million net loss on $4.483 billion in sales.

Cash and cash equivalents were $301.57 million at Sept. 10, down from $352.61 million at Feb. 26, 2011.

A&P is a Montvale, N.J.-based operator of supermarkets. It filed for bankruptcy on Dec. 12, 2010 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 10-25459.

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