Net income at the parent of Tops Markets, LLC jumped to $9.5 million in the second quarter of 2012.
That’s up from the same quarter last year, when Tops Holding Corp. reported net income of $300,000. The improved earnings came as Tops’ year-over-year sales rose.
The company’s net sales totaled $562.4 million in the second quarter of the fiscal year 2012, which ended on July 14. Net sales were up from $559.5 million in the same quarter last year.
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“This was a strong quarter for Tops, with improved margins, sharply higher profitability, and strong cash generation,” Tops President and CEO Frank Curci said in a news release. “We are encouraged by our current trends and expect to build on this momentum throughout the remainder of the year as we continue promotional and marketing initiatives tailored to meet the shopping needs of our customers.”
Operating expenses also fell by $3.3 million from the second quarter of last year, dropping to $136.8 million. Operating income was $23.6 million, up from $14.9 million last year.
Tops operates 125 corporate supermarkets and has five franchise locations in upstate New York and northern Pennsylvania. It is also acquiring 21 supermarkets in upstate New York and Vermont from GU Markets, LLC, an affiliate of C&S Wholesale Grocers, Inc., in a transaction expected to close this fall.
Contact Seltzer at rseltzer@cnybj.com