Lockport Union-Sun & Journal Online

March 30, 2014

Tops sales up in 2013, but earnings down

STAFF REPORTS
Lockport Union-Sun & Journal

Lockport Union-Sun & Journal — Despite seeing a 5 percent increase in sales, Tops Markets is reporting a $29.2 million loss for the 2013 fiscal year.

In a statement, Tops Holding Corp., the parent company of the Williamsville-based supermarket chain, said it saw record sales of $2.48 billion last year, which was a 4.9 percent or $115.5 million increase from its 2012 fiscal year. For its 2012 fiscal year, Tops reported $2.36 billion in sales.

But, overall Tops saw an operating loss of $29.2 million for 2013, a little worse than the $22.9 million loss for 2012. And that was because of costs related to management taking control of the chain and adding new stores, officials said.

“Fiscal 2013 was a year of continued growth and change,” said Frank Curci, Tops president and CEO. “We achieved record sales, expanded our footprint with the successful integration of 28 acquired supermarkets and further strengthened our existing portfolio with two new store openings, including the opening of our new specialty and gourmet food store, Orchard Fresh. We also announced and completed the acquisition of Tops by the current senior management team in December. We believe the return to local ownership provides added flexibility as we continue to grow and build on our past successes.”

Starting in 2012, Tops acquired 21 supermarkets in New York and Vermont from GU Markets LLC along with seven other independent stores at various sites. It also opened its first Orchard Fresh market, with plans for others in the works.

In early December, Curci’s management team bought the 155-store chain from Morgan Stanley Private Equity.