WILLIAMSVILLE, N.Y. — Tops Friendly Markets here swung to a $1.2 million profit in the fiscal fourth quarter behind increases in traffic and same-same sales at renovated locations as well as reduced expenses.
The retailer lost $13.8 million in the same period a year ago. Net sales for the quarter, which ended Dec. 31, increased 1.7%, to $540.1 million. Same-store sales improved 1.4%, driven by higher gasoline sales. Excluding gas, sales totaled $494 million for the quarter, up 0.2%.
For the full year, Tops posted net earnings of $5.8 million, recovering from a $27 million loss in fiscal 2010. Sales of $2.4 billion increased by 4.3%.
“The strong top line results, coupled with the work we’ve done on controlling costs, have led to the improved bottom line results and allowed us to bring even more value to the customer,” Frank Curci, president and chief executive officer, said in a conference call discussing results Friday.