MONTVALE, N.J. — Stock in A&P here plummeted by 14% Tuesday after the retailer announced a steep decline in second-quarter losses and the departure of its chief executive officer.
As reported on SupermarketNews.com yesterday, Eric Claus, who served as CEO for A&P since 2005, left the retailer effective immediately.
“The company’s performance has not met our expectations and based on these results the company felt a change of leadership was warranted and appropriate,” Christian Haub, executive chairman of A&P, said in a conference call. Haub, who was Claus’ predecessor as CEO, has returned to that role on an interim basis while the company searches for a permanent successor.
Led by continuing losses at its Pathmark division, A&P posted a loss of $80.3 million on sales of $2 billion for the fiscal second quarter ended Sept. 12. Overall sales were down by 5.4%, and comparable-store sales fell by 3.8%. The stock, which had reached a 52-week high of $11.43 on Monday, closed $9.78, down 13.98%.
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