MONTVALE, N.J. -- A&P here said fourth-quarter charges related to its new strategic action plan resulted in lower sales and a loss for the 12 weeks and fiscal year ended Feb. 27.
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For the fourth quarter, sales decreased 2.8% to $2.43 billion, compared to $2.5 billion for A&P's 13-week period a year ago, while comp-store sales rose 4.8%, the company said.
In reporting its results for the fourth quarter and 52 weeks, A&P said it recorded a fourth-quarter, after-tax charge of $95.9 million, or $2.50 per share of basic stock, related to its plan. For the year, the company had $118.5 million in extraordinary, after-tax charges, it said.
