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May 22, 2002

USA: Albertson’s raises Q1 profit outlook

Boise, Idaho-based grocery chain Albertson's raised its Q1 profit outlook yesterday [Tuesday], to between 55 cents and 58 cents, rather than its own earlier projection of 50 cents. For the Q1 ended 2 May, analysts are expected between 50 cents to 54 cents.

Boise, Idaho-based grocery chain Albertson’s raised its Q1 profit outlook yesterday [Tuesday], to between 55 cents and 58 cents, rather than its own earlier projection of 50 cents.

For the Q1 ended 2 May, analysts are expected between 50 cents to 54 cents.

Chairman and CEO Larry Johnston explained that its restructuring plans designed to beat competition from retail giant Wal-Mart was paying off sooner than expected. The marketing programme and expense reduction plan are “solidly on track, and delivering stronger than expected results,” he said.

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