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Filing Reveals Tops' Q1 Profit

Tops Friendly Markets posted net income of $11.96 million in the 16-week first quarter that ended April 24, the company said in a federal filing in connection with a debt offering.

WILLIAMSVILLE, N.Y. — Tops Friendly Markets here posted net income of $11.96 million in the 16-week first quarter that ended April 24, the company said in a federal filing made this week in connection with a debt offering.

The profits — which came after an income-tax benefit of $13.34 million and gains recognized on the value of the acquired Penn Traffic stores — reversed a year-ago loss of $2.94 million, the company said.

The operating loss for the first quarter of the current year was $2.88 million, vs. operating income of $9.08 million in the year-ago period. Sales in the recent quarter were $665 million, compared with $505.76 million in the year-ago period. The company acquired 79 stores and retained 55, seven of which are still under federal antitrust review. It is converting all the acquired stores to the Tops banner this year.

The company operated 126 locations generating average weekly sales (excluding gasoline) of $416,527 at the end of the first quarter. That compares with 71 stores with average weekly sales of $419,274 at the end of the year-ago period. Identical-store sales excluding gas were down 0.7% for the most recent quarter.

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