MONTVALE, N.J. — A&P officials today promised a “different approach” in marketing and merchandising after posting sharp declines in sales and a net loss of $560 million in the third quarter, which ended Dec. 5.
The financial results included a $412.6 million write-down for Pathmark. EBITDA of $36 million declined 54% from the same period last year and came in well below analyst expectations of $67.8 million. Comparable-store sales fell by 5.8%.
Christian Haub, A&P’s executive director and interim chief executive officer, in a statement said the company was working closely with investor Yuciapa Cos. on short-term initiatives to improve A&P’s performance, which he said had suffered in the challenging economic environment.
“We have determined that our previous merchandising and marketing programs did not meet the consumer’s changing needs,” he said. “As a result, we have been changing our go-to-market direction and implemented a number of initiatives to mitigate the negative external influences and provide our customers with better value, service and quality products.”
A&P stock was down nearly 20% in early trading Tuesday.
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