posted a first-quarter profit as a result of gains from discontinued operations, while sales ticked higher from the same period a year ago.
Sales for the first quarter totaled $3.2 billion, up from $3.1 billion in the same quarter last year. Same-store sales fell 0.1% from a year ago.
The supermarket chain earned $20.3 million, or 52 cents a share, compared with $1.9 million, or 5 cents a share, in 2002. During the first quarter, the company classified three businesses as discontinued operations.
Excluding discontinued operations, the company would have lost 53 cents a share in the quarter, compared with ongoing operating earnings of 11 cents a share last year.
Shares of A&P were recently falling 96 cents, or nearly 10%, to $9 on the
New York Stock Exchange