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Tops parent narrows net loss in second quarter

Rochester Business Journal
August 26, 2014

Tops Holding II Corp., indirect parent company of Tops Friendly Markets LLC, narrowed its net loss in the second quarter, though net sales dropped roughly 1 percent.

Based in Williamsville, Erie County, the company posted a net loss of $705,000, an 87 percent improvement compared with a net loss of $5.3 million a year ago.

Tops reported a drop in net sales to $596 million, down less than 1 percent compared with net sales of $601 million during the same period a year ago.

The retailer that serves Upstate New York, Northern Pennsylvania and Vermont markets attributed its reduced second-quarter loss to lower compensation expenses.

The company’s second-quarter results reflected four acquired stores and two store openings since spring of 2013, officials said. Tops employs 15,100 people—including some 2,600 in the Rochester region--and operates 158 stores under the banner of Tops and Orchard Fresh.

“Although we had a slower than expected start to the period, there were encouraging signs as the quarter progressed,” said Frank Curci, president and CEO of Tops, in a statement. “Our promotional and marketing programs continued to gain traction, and despite lower net sales, we achieved strong operating income growth and continued to generate cash.”

Offsetting drops in general sales was a nearly 10 percent increase in fuel sales to $58.2 million. Tops has opened nine fuel stations—including some in Rochester—since May 2013 and operated 51 stations at the close of the second quarter.

“We remain confident that we will achieve sales growth for the year as we have some exciting initiatives planned for the fall that we believe will further bolster the momentum we experienced toward the end of the second quarter,” Curci said.

The company has more than 150 locations in Upstate New York, Pennsylvania and Vermont, including more than 20 stores in Greater Rochester.

A year ago Tops said it would make a $13 million investment in its Monroe County stores.

(c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail service@rbj.net.


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