By the numbers, A&P's sales for the 12-week Q4 2005 were $2.6 billion, compared to $2.7 billion for the 13-week Q4 2003. The Q4 loss from continuing operations was $5 million, or $0.14 per share, compared to $63 million, or $1.63 per share a year earlier. And same-store sales were described yesterday as "flat."

For the 52-week FY 2004, sales were $10.85 billion compared to $10.9 billion for the 53-week FY2003. The net loss per share was $4.88 for FY '04, including a loss of $0.11 per share from discontinued operations, compared to a per-share loss of $4.08 per share a year earlier. The latter included earnings of $1.67 per share from discontinued operations, less a$0.21 per share charge relating to accounting changes. For the full year, comparable store sales were up 0.1%.

"The strong performance of A&P Canada, the continued progress of our US operations and our rigorous management of expenses and liquidity all contributed to improved results and greater financial stability," Christian Haub, A&P's chairman and CEO told analysts in a conference call yesterday. He termed Q4 "our company's best quarterly performance in almost three years and successfully concluded a year of solid progress toward our goal of sustainable profitability,"

And based on its strong performance, A&P Canada is a key part of the company's reorganization strategy: the division could be for sale.

"Our longstanding success in Ontario, combined with current conditions in the Canadian marketplace, present us with a unique opportunity to realize the substantial value of A&P Canada at this time," Haub told analysts. "The proceeds of any such transaction could dramatically improve our balance sheet and liquidity."

Also on the block are the company's Farmer Jack and Food Basics operations in Michigan and Ohio. "Although our Midwest operations are also improving and have significant profit and growth potential, our decision to focus investment and attention elsewhere may result in a lesser allocation of resources than required to realize their full potential," according to Haub.

The other part of the larger reorganization plan includes continuing the rollout of A&P's fresh and discount retail formats in the company's core Northeast markets, as well as generally continuing to "improve labor productivity and produce additional. Significant reductions in operating, supply chain and administrative costs," according to Haub.

The "new" A&P envisioned as a result of the company's reorganization, according to Haub, looks something like this: 250 stores in the metro New York area, operating under the A&P, Waldbaum's and Food Emporium banners. Discount operations would continue to grow under the Food Basics brand, and the company would continue to operate at least 75 stores in the Mid-Atlantic region under the SuperFresh and Food Basics banners in the Philadelphia and Baltimore markets. The company also plans to continue operating 28 stores in Greater New Orleans under the Sav-A-Center banner.

"I am confident that the successful execution of the strategies we have announced will drive our return to sustainable profitability in the latter part of fiscal 2006," Haub told analysts.