MONTVALE, N.J. -- A&P here said it plans to accelerate conversion of stores in Canada to low-cost formats over the next few months. Some of the stores will remain under corporate ownership, while others will be franchised. According to James Wood, chairman and chief executive officer, "We have accelerated our conversion of stores [in Canada] to low-cost formats, in keeping with the marketplace, and now project that more than half of our Canadian stores will be operating under those formats by mid-1996." A&P operates 225 stores in Canada, including seven that have been converted to the limited-assortment Food Basics format since last spring, plus 52 Super Fresh units. The company reportedly projects a total of 45 additional Food Basics by August, with the possibility of 30 more conversions in 1997. Wood's comments came in conjunction with the release of A&P's results for the third quarter and 40 weeks ended Dec. 2, which showed lower sales and positive earnings. Net income was $7.7 million
