Short Reports

Costs for its $12 billion merger with American Stores Co. continued to take a bite out of quarterly profits for Albertson’s Inc., the nation’s second largest food and drug retailer. The company reported first quarter profits of $226 million, or 53 cents per share of common stock, before merger costs. That was up just $2 million from a year earlier. But the merger siphoned $47 million from the earnings picture after taxes to leave profits for the 13-week period that ended May 4 at $179 million, or 42 cents a share, off nearly 25 percent from the first quarter of 1999.

Seattle-based coffee giant Starbucks Corp. will replace Shared Medical Systems in the Standard & Poor’s 500 Index, effective today, S&P said. Company shares closed up $1.88 at $37.50 on the Nasdaq Stock Market.