WILLAMSVILLE, N.Y. — Tops Holding Corp. here, parent of the Tops Friendly Markets chain, on Monday reported net income of $293,000 for the second quarter, vs. a loss of $8.9 million a year ago as sales trends improved and expenses were reduced.
The company, which is privately owned by Morgan Stanley Private Equity 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%, which the company attributed in part to the negative impact of the timing of the Easter holiday in 2011 and to customers trading down to less expensive products, including private label.
For the year-to-date period, Tops posted a loss of about $1.8 million, vs. a loss of $5.6 million in the year-ago period. Sales were up about 5.8%, to $1.28 billion.
Tops operates 125 corporate supermarkets and has an additional five franchised locations.