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Tops Q3 net income drops; sales relatively flat

Rochester Business Journal
November 20, 2012

After a strong second quarter that saw its net income increase by more than 3,000 percent, Tops Holding Corp., parent company of Tops Markets LLC, reported third-quarter results that were a bit tamer.

The company reported a net income for the third quarter of $4.7 million, down from $6.4 million a year ago. Net sales were $538.4 million, down slightly from $538.6 million last year.

The sales results included $50.9 million in gasoline sales, which was up 7 percent from last year. Gasoline sales also reflect a 1.6 percent increase in the retail price per gallon.

Operating expenses for the quarter dipped less than 1 percent, while the company’s operating income decreased from $20.7 million in 2011 to $18.5 million this year.

Tops officials said the results included approximately one week of sales from the 21 supermarkets it acquired in Upstate New York and Vermont from GU Markets LLC.

“In the third quarter, we executed on many of our initiatives by effectively controlling our expenses and making strategic investments in store upgrades to improve the customer experience,” said Frank Curci, president and CEO of Tops, in a statement. “We also continued to drive customer loyalty with our gas rewards program which saw a measurable increase in participation.”

Based in Williamsville, Erie County, the company has more than 125 locations in Upstate New York, Pennsylvania and Vermont, including more than 20 stores in Greater Rochester.

 (c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email

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