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Albertson’s Earnings Tumble 9.4 Percent

From Staff And Wire Reports

Citing the cost of expansion and efforts to increase sales at its supermarkets, Albertson’s Inc. on Monday reported a nearly 9.4 percent decline in earnings during the second quarter.

The Boise-based chain, which operates 847 stores in 20 states, said it earned $109.4 million, or 44 cents per share, during the 13 weeks that ended July 31. That was down from $120.7 million, or 48 cents per share, during the second quarter of 1996.

A. Craig Olson, senior vice president for finance and chief financial officer, said Albertson’s in-store merchandising programs, the opening of 17 new stores and remodeling of seven others during the quarter, enhanced employee training and a new advertising campaign all were responsible.

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