The Great Atlantic & Pacific Tea Company (NYSE: GAP), better known as SuperFresh and Pathmark grocery stores, is in the midst of a remodel and turnaround that seems to be working.

It is, however, a bit difficult to parse an earnings release that states "our annualized run-rate of synergies is approximately $100 million." Good thing that the "format driven capital investment program" continues to improve. Clearly, CEO Eric Claus wants investors to believe these factoids are positive and meaningful pieces of information.

In more concrete terms, same store sales are up 3% and the company is remodeling many of its locations in the New York-New Jersey area in order to expand its market share. Sales increased $1.2 billion to $2.9 billion, so the trend is in the right direction. Quarterly adjusted income from operations was $16 million, compared to an $8 million adjusted loss from operations one year ago. 1Q loss per share was $0.51 compared to $1.54 loss per share one year ago.

Given the steep rise in food prices, forecast to worsen into the winter, A&P is well positioned to attract value-driven grocery shoppers. The stock has recently fallen under $18, though it is inching back up today.