Fred Meyer Blames Strike For Lower Profit

An 88-day-long strike is to blame for a drop in Fred Meyer Inc. profits for 1994, according to chief executive Robert G. Miller, who expects the company to be “back on track” this year.

Miller told nearly 400 shareholders and observers at the company’s biggest-ever annual session Tuesday that the strike cost Fred Meyer $60 million, or $2.10 per share in after-tax earnings for the year.

The walkout by grocery workers and several Teamsters units resulted in a net loss of $36.6 million in the third quarter alone, the company said.

Despite the strike’s lingering effects, Miller expects that performance levels this year will be comparable with those before the labor dispute.

Fred Meyer plans to open 30 to 35 new full-size stores and do 35 to 40 major remodels during the next five years, building sales growth by about 10 percent a year.