USA: Albertson's Q4 profits down, hit by fierce competition
US grocer Albertson's has posted a decline in fourth-quarter profit due to falling sales and fierce competition, particularly from discount retail giant Wal-Mart. Albertson's, which operates stores under the Albertson's, Jewel-Osco, Max Foods and Sav-on Drugs banners, posted net income of US$205m, or 54 cents a share, for the quarter to 30 January, compared to $290m, or 71 cents a share, in the fourth quarter of the previous year.
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