Albertson’s Profit Meets Expectations
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Albertson’s Inc., the No. 2 U.S. supermarket chain, reported fiscal third-quarter results in line with analyst expectations as it continued a major restructuring effort focused on shedding unprofitable stores.
The operator of Jewel-Osco, Acme, Sav-on Drugs, Max Foods, Super Saver and Albertson’s stores said net income rose 2% to $176 million, or 43 cents a share. Operating profit, which excludes restructuring charges and other one-time items, fell 4% to $180 million, or 44 cents a share, matching the average estimate of analysts polled by Thomson Financial/First Call.
Revenue rose 4% to $9.36 billion.
Albertson’s had said in July it would close underperforming stores and cut jobs over two years in a streamlining effort following the company’s 1999 takeover of American Stores Co.
The company said it has completed about one-fourth of the 165 planned store closures.
Shares of Albertson’s rose 26 cents to $33.80 on the NYSE.
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