* The Great Atlantic & Pacific Tea...
- Share via
* The Great Atlantic & Pacific Tea Co. said Monday that it lost $157.4 million in the first quarter because of a soured investment in a British supermarket chain and accounting adjustments.
A & P said the loss translated to $4.12 a share, contrasted with earnings of $36 million, or 95 cents per share, in the same quarter last year.
Sales fell to $3.31 billion from $3.59 billion.
Discounting the one-time, non-recurring charges, A & P posted earnings of $22.8 million in the first quarter, down 39% from the same period last year.
The company, like other supermarket chains, has been hit by the recession.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
