USA: A&P Expects Ongoing 2nd Quarter EPS in the Range of $0.12 to $0.14, and Comparable Store Sales to Grow Approximately 1.5%
The Great Atlantic & Pacific Tea Company, Inc. (A&P, NYSE: GAP) said today that earnings for the 12 week second quarter of fiscal 2000 ending September 9 will be below previous expectations. Ongoing earnings for the second quarter of 2000 are expected to be in the range of $0.12 to $0.14 per share, versus ongoing earnings of $0.45 per share in 1999. Reported results after special charges associated with the Company's renewal initiatives in both years are expected to be a loss of $0.14 to $0.16 per share in the second quarter of 2000, versus income of $0.14 per share in 1999. Total sales for the second quarter are expected to increase approximately 7% over the second quarter of 1999, with an increase in comparable store sales of approximately 1.5%. Christian Haub, President and Chief Executive Officer, said: "We are disappointed with our financial results this quarter, attributable to three factors:
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