Albertson’s Profit Falls 18% in Quarter
Albertson’s Inc. said earnings fell 18% in its fiscal first quarter to $186 million, or 46 cents a share, as it struggled with higher costs. The supermarket operator also said profit in the second quarter might be less than analysts’ forecasts. Analysts on average were expecting first-quarter earnings of 45 cents a share.
For the second quarter, the Boise, Idaho-based company said it expects profit of at least 43 cents a share. But analysts’ average estimate is 52 cents, according to First Call/Thomson Financial.
Chief Executive Lawrence Johnston, who took the helm six weeks ago, plans to cut expenses and spend to improve technology, training and promotions.
Sales in the latest quarter rose 3.5% to $9.3 billion, while sales at stores open at least a year rose 1.4% in the latest quarter.
Albertson’s shares fell 27 cents to $27.73 on the New York Stock Exchange. The company released earnings after the close of regular U.S. markets.
More to Read
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
