Albertson’s Posts Slightly Better Profit

Albertson’s Inc., the nation’s fourth-largest retail food-drug chain, reported only a fractional increase in third-quarter profits on Monday, apparently due in part to its expansion efforts.

The Boise-based food chain reported net earnings of $106.4 million for the third quarter through October, up barely a percentage point from the $105.4 million reported a year earlier.

Earnings per share of common stock were unchanged at 42 cents.

“We are not pleased with the earnings results,” Senior Vice President A. Craig Olson said. “However, it is essential that the company continues to expand its store base, remodel existing stores and invest in store-level programs that are designed to increase sales.”

Five weeks ago, the company announced that it expected third- and fourth-quarter earnings to fall short of historic year-to-year increases although sales would continue at record levels.