A&P announces Q3 results, completion of Pathmark acquisition

MONTVALE, N.J. A&P announced on Thursday third quarter results and stated that the Pathmark integration is complete and the synergy realization is on track.

Sales for the quarter totaled $2.1 billion compared with $1.3 billion in the year-ago period. Same-store sales rose 1.9% for A&P and slipped 0.5% for Pathmark, when measured during the same period.

For the third quarter, excluding non-operating items, adjusted EBITDA was $78 million versus $20.5 million last year. Adjusted income from operations was $17.4 million versus an adjusted loss from operations of $12.1 million in last year’s third quarter. The current quarter results include $30 million of integration synergies.

Reported loss from continuing operations was $3 million compared with income of $73.1 million last year, which included a $106.1 million gain from the sale of Metro shares. Prior year’s results exclude the results of Pathmark to the date of acquisition.

“Despite the challenging economic environment, we delivered strong results in our third quarter with solid sales and year-over-year earnings improvement. We completed the integration of the Pathmark acquisition and look forward to future rewards of this strategic decision,” said Christian Haub, executive chairman of the board. “Clearly, the U.S. retail market is facing one of the most difficult years in 2009. Our strong strategic position in the Northeast and our successful format strategy prepare us for the challenges ahead and I remain confident in the longer-term prospects of the new A&P, as we celebrate our history 150th anniversary this year.”

The company operates 444 stores in eight states and the District of Columbia under the banners A&P, Waldbaum’s, Pathmark, Best Cellars, The Food Emporium, Super Foodmart, Super Fresh and Food Basics.

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