WILLAMSVILLE, N.Y. — Tops Holding Corp. here, parent of the Tops Friendly Markets chain, last week reported net income of $293,000 for the second quarter, vs. a loss of $8.9 million a year ago as the company cycled the integration of the former Penn Traffic supermarkets.
“We are enjoying a continuing rebound in growth” from the acquired stores, said Frank Curci, chairman and chief executive officer, in a conference call.
Tops, which is privately owned but reports earnings because of publicly traded debt, said sales improved about 3.3%, to $559.5 million for the 12-week quarter, which ended July 16. Same-store sales fell 1%, although the company attributed 80% of that decline to the impact of the timing of the Easter holiday in 2011. Year-to-date same-store sales rose 1.4%.
Customers also traded down to less expensive products, including private label. Private-label sales were up about 5%.
The company opened two new stores in the last 12 months, including a smaller prototype 28,000-square-foot store that is generating sales of $10 per square foot per week.