City Markets 'six months' from profit

Wed, May 4th 2011, 11:00 PM

By NEIL HARTNELL

Tribune Business Editor

City Markets is a "conservative" six months away from returning to profitability, its chief financial officer said yesterday, largely attributing its more than $5 million 'net loss before extraordinary items' in the fiscal 2011 third quarter to "cleaning up the books".

Philip Kemp told Tribune Business that the nine-store supermarket chain was "pretty close" to internal budget expectations for the three month period to March 9, 2011, with the forgiveness of some $15.452 million in long-term and related party debt incurred under the previous BSL Holdings ownership ensuring the company remained in the black.

Still, desp ...

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