Tops Holding Corp has booked an increase in first-quarter earnings, propelled by higher same-store supermarket sales and the benefit of its Penn Traffic acquisition.
In the quarter to 23 April, Tops said that EBITDA increased 10.3% to US$37.9m.
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Sales excluding gas rose by 5.6% to $658.9m. Same-store sales rose 3.6% as promotions and marketing drive improved traffic, the company said yesterday (6 June).
“Our strong results demonstrate the strength of our strategy to build our franchise, succeed in our markets by understanding our customers and create value with our sales and marketing approach,” said Tops president and CEO Frank Curci.
He added that the integration of 55 Penn Traffic supermarkets, completed in January last year, has been “highly effective”.
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