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Albertson's Reports Profit Is Unchanged

BRIEFLY / RETAILING

June 06, 2000|Bloomberg News

Albertson's Inc. said profit was virtually flat at $226 million, or 53 cents a share, in its fiscal first quarter, when the supermarket operator sold the last of 145 stores needed to meet regulatory requirements for its $12.5-billion purchase of American Stores. Albertson's, which also operates Sav-on and Osco drugstores, said total sales fell 2.2% to $9.01 billion, partly because a mild February flu season hurt demand for pharmacy products. Excluding stores that had been sold, sales grew 4.2%. The earnings met the average estimate of analysts surveyed by First Call/Thomson Financial. Boise, Idaho-based Albertson's shares closed off 81 cents at $34.81 on the NYSE, before the earnings were released.

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