Tops attributes Q3 increase to Penn Traffic acquisition

WILLIAMSVILLE, N.Y. The parent company of regional supermarket chain Tops Markets had a 39% increase in net sales for third quarter 2010, according to financial results released Monday.

Tops Holding, which operates 127 stores in upstate New York and northern Pennsylvania, reported sales of $519.9 million for the quarter, a $146.6 million increase over third quarter 2009. Sales for the first nine months of the year were $1.73 billion, compared with $1.27 billion during the first nine months of 2009. The company said sales from the 55 stores of the bankrupt Penn Traffic that it now operates, having purchased them in January, contributed to the increase.

“We continued to demonstrate same-store sales growth and drove basket size through our marketing and advertising efforts,” Tops president and CEO Frank Curci said. “We also benefited from the acquired supermarkets as each store’s performance has strengthened from the rebranding to Tops.”