Albertson’s Reports 32% Increase in Profit
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Grocery chain Albertson’s Inc. posted a 32% rise in fiscal fourth-quarter profit, saying cost cutting helped offset weaker sales and competition led by discounting giant Wal-Mart Stores Inc.
The company is leaving the Houston, San Antonio, Nashville and Memphis, Tenn., markets as part of a cost-cutting program. Albertson’s stock rose 29 cents to $31.69 on the New York Stock Exchange.
The Boise, Idaho-based retailer said net income for the quarter ended Jan. 31 rose to $290 million, or 71 cents a diluted share, from $220 million, or 54 cents, a year earlier. Excluding items, earnings were unchanged at $246 million, or 60 cents a share. Analysts polled by Thomson Financial/First Call expected earnings of 56 cents.
Overall sales rose 1.2% to $9.7billion, while sales at supermarkets open at least two years fell 0.5%.
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