MONTVALE, N.J. -- Asset sales in the first quarter boosted profits for A&P here, but industry observers last week noted that operating deficits pose a long-term problem for the company. In the quarter ended June 14, A&P's net income rose 968.4% to $20.3 million, or 52 cents per share, vs. 5 cents per share in last year's first quarter, but the company noted that this profit was due entirely to asset sales. As previously reported, A&P sold 17 New England stores and seven ...

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