A&P; Restates Results for Last Three Years
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Grocery chain Great Atlantic & Pacific Tea Co. restated results for three years, including turning a loss into a profit in one year, after an accounting review uncovered that manufacturer discounts and promotions were improperly booked.
All changes related to vendor allowances, or manufacturer discounts, and other items will result in charges of $11.3 million for the years 1999 to 2001. But the charges are being offset by increases in income totaling $49.7 million.
Shares of Montvale, N.J.-based A&P; rose $1.65, or 10%, to $18.05 on the NYSE.
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