USA: Albertsons reports sharp rise in net earnings, but CEO not pleased
US grocery retailer Albertsons has reported a sharp rise in net earnings to $186m in the fourth quarter ended 3 February 2005, compared with $129m in the same period a year earlier, but chairman and CEO Larry Johnston said he was not pleased with the performance.
For fiscal 2004, the company reported earnings from continuing operations of $474m
Earnings during the fourth quarter were impacted positively by the additions of Shaw's and Bristol Farms. Earnings were negatively impacted by additional costs associated with the Florida hurricanes, and by a non-cash lease charge due to a change in the Company's accounting method for leases.
The Company's quarterly and annual results were impacted by an extra week in fiscal 2004 versus fiscal 2003.
"We were not pleased with the performance we turned in during the fourth quarter," said Larry Johnston, chairman, CEO and president. "Although market and competitive conditions were more challenging than originally forecast, requiring deeper investments than anticipated, especially in the Southern California and Dallas/Ft. Worth markets, in the end we missed our earnings targets and that is unacceptable.
The company reported that fourth quarter 2004 total sales grew to $11bn as compared to $9 billion for the fourth quarter 2003. The increase in total sales was primarily due to the acquisition of Shaw's, the progress in recovery from the labour dispute in Southern California and the impact of new national merchandising programs.
Total company comparable store sales for the quarter increased 5.3% and identical store sales increased 5.1%. For fiscal 2004, the company reported total sales increased to $40 billion versus $35 billion for fiscal 2003. Total company comparable store sales for the year were +0.2% and identical store sales decreased 0.3%.
Companies: Albertsons LLC
The on-again, off-again sale of Albertsons has given retail analysts pause for thought. In the age of deep discounts yet selective extravagance, what must a midmarket grocer do to prosper? David Rober...
With the takeover battle for the US's number two supermarket, Albertsons, stepping up a gear, the rival factions should consider the fate of a recent food industry merger in the UK before committing t...
According to a report by the Associated Press, Cerberus Capital Management has said that Robert Miller will take on responsibility for the remaining Albertsons stores in the role of Albertsons' CEO on...
The sale of retail group Albertson's to SUPERVALU, CVS, and a consortium led by Cerberus Capital has cleared regulatory approval by the FTC following the expiry of the pre-merger waiting period requir...
Sold food store Albertsons has bowed out of 2005 with total yearly sales of US$40.4bn compared to $39.8bn last year and a comparable store sales increase of 0.4%....
A consortium consisting of Supervalu Inc., CVS Corporation and an investment group led by Cerberus Capital Management, L.P., has agreed to acquire Albertsons, Inc., the food and drug stores group, for...
Talks surrounding the takeover of Albertsons Inc have broken down, according to a US press report....
The Israel-America Chamber of Commerce has established a food, beverages, and consumable committee to help Israeli food companies market their products in the US....
- Wessanen's move for Spain's Biogran - analysis
- The key questions for digital strategists in 2017
- Unilever 2016 investor day - the top takeaways
- Burger King, Jollibee: foodservice focus, Nov 2016
- Whole Foods, Aldi, M&S - retail round-up, Nov 2016
- Verlinvest, China Resources invest in Oatly
- Hain Celestial appoints Nestle executive as US COO
- General Mills jobs to go in business revamp
- Chobani COO Burns to leave yogurt firm
- Freedom Foods Group nears M&A in Oz, North America
- How Brands Are Making Our Food Healthier
- Confectionery North America (NAFTA) Industry Guide_2016
- Processed Snacks (Savory Snacks) Market in the United States - Outlook to 2020: Market Size, Growth and Forecast Analytics
- Chocolate (Confectionery) Market in Belgium - Outlook to 2020: Market Size, Growth and Forecast Analytics
- Global Dried Processed Food Market 2016-2020