Albertson’s Growth Dampens Profits

Tue., March 4, 1997

Compiled From Wire Services

Albertson’s Inc., the nation’s fourth largest retail food-drug chain, reported fourth-quarter earnings increased by only about $200,000 from the year before as more stores are added nationwide.

Profits for fiscal 1996 rose 6.2 percent.

The Boise-based chain said it continues to sink income into more stores, including 17 in the fourth quarter and 70 for the year. At the end of January, it had 826 outlets.

The company also bought and retired 913,000 shares of its common stock during the fourth quarter. A total of 1.6 million shares were bought back during fiscal 1996.

Earnings for the quarter ended Jan. 30 were $154.3 million, compared with $154.1 million the year before. Earnings per share were 61 cents, the same as fourth quarter 1995.

Net earnings for 1996 were $494 million, compared with $465 million the year before, or 6.2 percent. Sales reached $13.8 billion, a rise of 9.5 percent over 1995.

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Albertson’s Growth Dampens Profits

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