US grocer Albertson’s has reported sales and net earnings for third quarter 2002 in line with the revised guidance it issued on 30 October.
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Net earnings were US$192m or $0.48 per share versus $176m or $0.43 per share for the same quarter last year. Sales on a continuing basis reached $8.7bn, versus $9bn in the third quarter of 2001. Comparable store sales for the quarter decreased 1.5%, and identical store sales declined 2.0%. Deflation during the quarter was 0.7%.
Larry Johnston, chairman and chief executive officer, said results for the quarter represented a respectable performance in a period that was challenged by the combined effects of the US’ continued economic weakness and heightened levels of competition in the industry.
Johnston said the company was now focusing on investing more heavily in targeted promotions and innovative marketing programs in a bid to drive increased sales growth, while more aggressively pursuing the company’s $750m cost reduction goal.
Consistent with its revised full year earnings guidance issued on 30 October, Albertson’s reaffirmed its fiscal year 2002 earnings outlook on a continuing operations basis of $2.10 to $2.14 per share.
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