WAYNE, N.J. -- At Grand Union Co. here, investment in a customer-focused, long-term strategic plan squeezed net earnings, but helped lift sales for the first quarter.
uarter. The company reported a $43.8 million net loss in the quarter vs. an $816,000 gain a year before. Earnings before interest, taxes, depreciation and amortization fell to $41.4 million (5.7% of sales) from $44.3 million (6.1% of sales).
Earlier this summer, Grand Union agreed to turn over majority control of