USA: Albertson's disappointed by 3rd quarter, expects to miss Q4 target; cut outlays
Disappointed in the grocer's third-quarter performance, Albertson's Inc. chairman and chief executive Gary Michael announced plans for sharp cuts in operating expenses and capital spending. Albertson's also told analysts that it will miss its fourth-quarter earnings target by 33 percent, although third-quarter profits were up 32 percent to $172 million from $130 million a year earlier. But general operating, selling and administrative costs were also up while sales at ongoing stores were down.
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