Earnings Per Share Excluding Costs of Asset Disposition Program $.08 Versus a Loss of $.38 in 2000. Comparable Store Sales Up 3.1%.

Montvale, New Jersey - January 7, 2002: - The Great Atlantic & Pacific Tea Company, Inc. (A&P, NYSE Symbol: GAP) announced third quarter and year to date results for the 12 and 40 weeks ended December 1, 2001.

Sales for the third quarter were $2.5 billion in fiscal 2001 versus $2.4 billion in fiscal 2000. Comparable store sales increased 3.1%. Excluding charges arising from the Company's previously announced asset disposition program, earnings per share in the third quarter of 2001 were $.08 versus a loss of $.38 in 2000. Results for the third quarter of 2001 as reported, including costs of $2.49 for the asset disposition program, were a loss of $2.41.

For the 40 weeks year to date, sales were $8.5 billion in fiscal 2001 versus $8.1 billion in fiscal 2000. Comparable store sales increased 3.2%. Excluding charges from the asset disposition program, results for the 40 weeks in 2001 were a loss of $.19 per share, versus a loss of $.37 for the 40 weeks of 2000. Results for the 40 weeks of 2001 as reported, including costs of $2.49 for the asset disposition program, were a loss of $2.68.

Christian Haub, Chairman of the Board, President and Chief Executive Officer, said: "We are pleased with our continued progress in the third quarter. We have now improved performance from our businesses four quarters in a row.

"We recently strengthened the Company's financial flexibility through the issuance of new ten year notes used to retire other debt. Our previously announced asset disposition program is on schedule, and we expect to have a majority of the 39 stores closed by fiscal year end. I am grateful to all our associates for their ongoing efforts in building our Company."

On November 14, 2001 the Company announced a program to improve operating results by disposing of underperforming assets, including 39 stores. As a result of this program, the Company expects to incur costs and accrue charges in total in the range of $115 to $125 million after tax, in order to write down fixed assets, close stores, incur restructuring costs, and accrue for future occupancy expenses. Approximately $100 million of the costs will be non-cash or deferred payout. During the 12 and 40 weeks ended December 1, 2001, the Company incurred after tax charges of $95.5 million, and $95.7 million, respectively, or $2.49 per share -basic for both periods, arising from this program. The Company expects to incur the balance of the costs during the fourth quarter of fiscal 2001 and the first two quarters of fiscal 2002.

Early in fiscal 2000 the Company announced a multi-year project of strategic initiatives to improve its supply chain and business processes. Fiscal 2001 is the second year of this project. For the 12 and 40 weeks ended December 1, 2001, the costs of these strategic initiatives amounted to $.35 and $1.17 per share-basic (see the "As Adjusted" Tables for a break out of these costs, as well as the costs of the asset disposition program, for 2001 and 2000.) In line with previous announcements, the Company expects continuing costs of about $.34 per share for these strategic initiatives in the fourth quarter of fiscal 2001, bringing anticipated costs for the fiscal year as a whole to about $1.50 per share.

Founded in 1859, A&P was one of the nation's first supermarket chains, and is today one of North America's 10 largest. In the third quarter, the Company opened 7 new stores, remodeled or expanded 7 stores, and ended the quarter with 740 stores. The Company operates in 15 states, the District of Columbia and Ontario, Canada under the following trade names: A&P, Waldbaum's, Food Emporium, Super Foodmart, Super Fresh, Farmer Jack, Kohl's, Sav-A-Center, Dominion, The Barn Markets, Food Basics and Ultra Food & Drug. The Company invites investors to listen to an audio Webcast of its quarterly discussion of earnings by accessing a link on the "News and Events" page of its Website, www.aptea.com. The live broadcast is at 11 AM Eastern Time, Monday January 7, 2002, with replays available from the afternoon of January 7 through February 7.

This release contains forward-looking statements about the future performance of the Company, which are based on Management's assumptions and beliefs in light of the information currently available to it. The Company assumes no obligation to update the information contained herein. These forward-looking statements are subject to uncertainties and other factors that could cause actual results to differ materially from such statements including, but not limited to: competitive practices and pricing in the food industry generally and particularly in the Company's principal markets; the Company's relationships with its employees and the terms of future collective bargaining agreements; the costs and other effects of legal and administrative cases and proceedings; the nature and extent of continued consolidation in the food industry; changes in the financial markets which may affect the Company's cost of capital and the ability of the Company to access capital; supply or quality control problems with the Company's vendors; and changes in economic conditions which affect the buying patterns of the Company's customers.

Schedule 1 - Third Quarter Earnings (unaudited) (IN $ THOUSANDS, EXCEPT SHARE AMOUNTS AND STORE DATA) Portable Document Format  (PDF) (7 K)	Schedule 3 - 40 Week Earnings (unaudited) (IN $ THOUSANDS, EXCEPT SHARE AMOUNTS AND STORE DATA)  Portable Document Format  (PDF) (7 K)
Schedule 2 - Third Quarter Earnings (unaudited) (IN $ THOUSANDS, EXCEPT SHARE AMOUNTS AND STORE DATA)  Portable Document Format  (PDF) (7 K)	Schedule 4 - Detail of Adjustments to Earnings as Reported (unaudited) (IN $ MILLIONS, EXCEPT PER SHARE  AND STORE DATA)  Portable Document Format  (PDF) (7 K)
Schedule 5 - Condensed Balance Sheet(unaudited) (IN $ THOUSANDS, EXCEPT SHARE AMOUNTS AND STORE DATA)  Portable Document Format  (PDF) (6 K)

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