Albertson’S Says Earnings Will Be Off

Thu., Aug. 24, 2000

From Staff

A warning from Albertson’s Inc. that its quarterly profits may be smaller than expected pushed the stock price for the nation’s second-largest supermarket chain down 17 percent.

Albertson’s shares sank $3.69 to $22.75 in trading Wednesday on the New York Stock Exchange.

Albertson’s said it expects to report lower-than-projected earnings for its fiscal second quarter because of a decline in comparable store sales in July and an increase in operating expenses.

Company officials said they now expect earnings of about 50 cents per share, excluding merger-related costs, and 46 cents per share, including merger-related costs. Analysts had forecast 62 cents per share.

Albertson’s second-quarter results will be reported Sept. 5.

Meantime, officials promised a vigorous cost-cutting campaign to boost future earnings.

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Albertson’S Says Earnings Will Be Off

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