WILLIAMSVILLE, NY - Tops Markets has reported record sales in its financial results for the fourth quarter and full year 2014. The company’s net sales reached $2.51 billion for the year, up $27.5 million from the previous year.
“2014 was a big year for Tops, highlighted by the return to an independent, locally-owned organization and achieving record net sales,” commented Frank Curci, Tops President and CEO. “Our solid results demonstrate the success of our strategy and effective execution by all of our associates. Investing in our existing supermarkets, adding more locations to our footprint, and successfully implementing new promotional and marketing programs continues to drive the top line.”
For the fourth quarter, net sales increased $3.5 million to a total of $574.8 million. The company also cut its net losses by 75 percent in the 2014 fourth quarter and by nearly half in the full fiscal year.
“As we move through 2015, we will remain focused on our strategy and dig deeper to continually evolve and improve at every level.” Curci continued, “We recently made the decision to sell pharmacy scripts and inventory related to select pharmacy locations and then close the related in-store pharmacies. This initiative will make us more efficient and free up space to allow us to better serve our customers by increasing our offerings, such as fresh produce, prepared foods, and natural and organic. We are looking at all aspects of the business with an eye on the long term.”
Other highlights from the report include:
- Gross profit for the fourth quarter was $160.2 million, or 27.9% of net sales
- Total operating expenses in the 2014 fourth quarter improved to $148.0 million from $161.6 million in the prior-year period
- Net interest expense increased $2.4 million to $20.4 million from the prior-year period
- Net loss for the fourth quarter was $4.6 million compared with net loss of $18.8 million in the fourth quarter of 2013
- Gross profit was $706.5 million in 2014, 28.2% of net sales and 10 basis points lower than the 2013 period
- Fourth quarter 2014 EBITDA doubled to $28.5 million from $13.8 million in the 2013 period
- Fiscal 2014 EBITDA was $130.4 million compared with $112.9 million in the 2013 period
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