WILLIAMSVILLE, N.Y. — Tops Holding Corp. here, parent of the Tops Friendly Markets chain, said Monday that first-quarter same-store sales were up 3.6%, excluding gasoline, compared with year-ago results.
The company also reported operating income of $17.6 million for the 16-week quarter, compared with an operating loss of $2.9 million a year ago. The net loss for the most recent quarter, which ended April 23, was $2.1 million, vs. net income of $3.3 million in the year ago period. The year-ago results included a $9.9 million income-tax benefit.
Total sales were up 7.9%, to $717.3 million, reflecting an additional four weeks of operations at the 55 retained Penn Traffic stores acquired last January and the addition of one new Tops store last summer, in addition to the same-store sales gain.
Also impacting the year-over-year results was $33 million in sales reported in the year-ago first quarter from 24 acquired supermarkets that were either sold or closed in 2010.
"Our strong results demonstrate the strength of our strategy to build our franchise, succeed in our markets by understanding our customers and create value with our sales and marketing approach," said Frank Curci, president and chief executive officer, in a prepared statement. "We believe we have been highly effective with the integration and conversion of the Penn Traffic stores into our well-known Tops brand, while our steady increase in the number of fuel stations available to our customers and our relentless focus on upgrading and redesigning our stores to keep them fresh and innovative are contributing to our growth."