Great Atlantic & Pacific's 2Q loss narrows

The Montvale, N.J.-based parent company of A&P and other supermarket chains said that it lost $17.37 million, or $1.75 per share, for the quarter ended Sept. 6. That compares with a loss of $91.32 million, or $2.18 per share, in the year-ago period.

Sales rose to $2.18 billion in the quarter, from $1.27 billion in the year-ago period. Same-store sales, or sales at stores opened at least a year, rose 2.8 percent. The same-store sales figure excludes sales for Pathmark stores acquired in December 2007. Same-store sales for Pathmark, measured during the same period, rose 2.9 percent.

The company said that while cost inflation has soared to the highest level in almost 20 years, it said it's well positioned to react and compete effectively due to its diverse formats. Given the current state of the credit markets, the company said it has taken a conservative approach to capital spending for the remainder of fiscal 2008.

Great Atlantic & Pacific Tea's other brands include Best Cellars, Waldbaum's and The Food Emporium.