ALBERTSON'S, INC. REPORTS 1996 FOURTH QUARTER AND ANNUAL RESULTS.BOISE Boise, city, United States Boise (boi`sē, –zē), city (1990 pop. 125,738), state capital and seat of Ada co., SW Idaho, on the Boise River; inc. 1864. , Idaho--(BUSINESS WIRE)--March 3, 1997-- Albertson's, Inc. (NYSE NYSE See: New York Stock Exchange :ABS (Automatic Backup System) See backup program. ) reported sales and earnings for the year ended January January: see month. 30, 1997. Sales were $13.8 billion, an increase of 9.5% over last year. Comparable store sales increased 2.1%. Net earnings were $494 million compared to $465 million last year, an increase of 6.2%. Earnings per share increased 6.5% to $1.96 from $1.84 per share last year. Sales for the 13 weeks ended January 30, 1997, were $3.6 billion, an increase of 9.1% over the $3.3 billion for the similar 13-week period last year. Comparable store sales increased 1.3%. Net earnings were $154.3 million compared to $154.1 million last year. Earnings per share for the fourth quarter were $.61 per share, the same as the fourth quarter last year. Seventeen Seventeen novel of young love. [Am. Lit.: Booth Tarkington Seventeen in Magill I, 882] See : Adolescence stores were opened during the fourth quarter for a total of 70 for the 52-week period. During the fourth quarter, the Company opened its first store in Ridgeland, Mississippi Ridgeland is a city in Madison County, Mississippi, United States. The population was 20,173 at the 2000 census. Geography Ridgeland is located at (32.418847, -90. , increasing Albertson's operating area to 20 states. Remodels were completed on 9 stores in the fourth quarter for a total of 42 remodels for the 52-week period. Two stores were closed during the fourth quarter for a total of 8 closures during the fiscal year. On January 30, 1997, the Company operated 39.8 million square feet of retail space, almost 62% of which has been opened or remodeled in the last five years. Pursuant to the stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program approved by the Board of Directors in March 1996, the Company purchased and retired 913,000 shares of its common stock during the fourth quarter. Under this program, a total of 1.6 million shares have been purchased and retired during the 1996 fiscal year. A. Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Olson Olson may refer to:
In further comments Olson said, "We have created a strong foundation for our future as we continue to implement consumer-focused programs that make shopping and meal planning easier. Going forward, we will continue to focus on growing our sales, training our employees to provide excellent customer service and designing our stores to meet the changing needs of consumers." Albertson's, Inc. is one of the largest retail food-drug chains in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . On January 30, 1997, the Company operated 826 stores in 20 Western, Midwestern Mid·west or Middle West A region of the north-central United States around the Great Lakes and the upper Mississippi Valley. It is generally considered to include Ohio, Indiana, Illinois, Michigan, Wisconsin, Minnesota, Iowa, Missouri, Kansas, and and Southern states Southern States U.S. Confederacy government of 11 Southern states that left the Union in 1860. [Am. Hist.: EB, III: 73] Dixie popular name for Southern states in U.S. and for song. [Am. Hist. . -0-
ALBERTSON'S, INC.
(Unaudited - In thousands except per share data)
CONSOLIDATED EARNINGS
13 WEEKS ENDED
1/30/97 2/1/96
Sales $3,575,835 100.00% $3,278,816 100.00%
Cost of sales 2,638,423 73.78 2,424,042 73.93
Gross profit 937,412 26.22 854,774 26.07
Selling, general and
admin. expenses 685,349 19.17 596,142 18.18
Operating profit 252,063 7.05 258,632 7.89
Other (expenses)
income:
Interest, net (18,504) (.52) (13,333) (.41)
Other, net 11,024 .31 6,101 .19
Earnings before
income taxes 244,583 6.84 251,400 7.67
Income taxes 90,317 2.53 97,292 2.97
NET EARNINGS $ 154,266 4.31% $ 154,108 4.70%
EARNINGS PER SHARE $.61 $.61
Average common shares
outstanding 250,911 252,358
Total common shares
outstanding at end
of period 250,690 251,919
Return on average
stockholders' equity (1) 28.0% 32.3%
Return on average
assets (1) 13.3% 15.1%
Dividends per share $.15 $.13
Price range of stock 38-33 3/4 35 5/8-30 3/8
Effective tax rate 36.9% 38.7%
LIFO charge (credit)
before income taxes $(15,182) $(9,207)
(1) Annualized for the thirteen weeks ended January 30, 1997 and
February 1, 1996.
Certain reclassifications have been made in the prior year to
conform to classifications used in the current year.
ALBERTSON'S, INC.
(Unaudited - In thousands except per share data)
CONSOLIDATED EARNINGS
52 WEEKS ENDED
1/30/97 2/1/96
Sales $13,776,678 100.00% $12,585,034 100.00%
Cost of sales 10,211,348 74.12 9,371,736 74.47
Gross profit 3,565,330 25.88 3,213,298 25.53
Selling, general and
admin. expenses 2,715,776 19.71 2,406,082 19.12
Operating profit 849,554 6.17 807,216 6.41
Other (expenses)
income:
Interest, net (64,569) (.47) (55,633) (.44)
Other, net 9,862 .07 6,918 .05
Earnings before
income taxes 794,847 5.77 758,501 6.03
Income taxes 301,068 2.19 293,540 2.33
NET EARNINGS $ 493,779 3.58% $ 464,961 3.69%
EARNINGS PER SHARE $1.96 $1.84
Average common shares
outstanding 251,710 253,080
Total common shares
outstanding at end
of period 250,690 251,919
Return on average
stockholders' equity (1) 23.5% 25.7%
Return on average
assets (1) 11.2% 12.1%
Dividends per share $.60 $.52
Price range of stock 43 3/4-33 3/4 35 5/8-27 1/4
Effective tax rate 37.9% 38.7%
LIFO charge (credit)
before income taxes $15,018 $17,093
(1) Annualized for the thirteen weeks ended January 30, 1997 and
February 1, 1996.
Certain reclassifications have been made in the prior year to
conform to classifications used in the current year.
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED BALANCE SHEETS
1/30/97 2/1/96
ASSETS
Cash and cash
equivalents $ 90,865 $ 69,113
Inventories 1,201,067 1,030,246
Other current
assets 183,991 183,643
Total current
assets 1,475,923 1,283,002
Other assets 184,070 155,427
Land, buildings
and equipment 4,622,655 4,063,378
Less accumulated
depreciation and
amortization 1,568,015 1,365,896
3,054,640 2,697,482
$4,714,633 $4,135,911
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED BALANCE SHEETS
1/30/97 2/1/96
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 682,305 $ 648,963
Current portions
of long-term debt
and capitalized
lease obligations 8,913 85,553
Other current
liabilities 363,875 353,977
Total current
liabilities 1,055,093 1,088,493
Long-term debt 921,704 602,993
Capitalized lease
obligations 130,050 129,265
Other long-term
liabilities and
deferred credits 360,768 362,637
Stockholders'
equity 2,247,018 1,952,523
$4,714,633 $4,135,911
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
52 WEEKS ENDED
1/30/97 2/1/96
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net earnings $493,779 $464,961
Adjustments to reconcile
net earnings to net cash
provided by operating
activities:
Depreciation and
amortization 294,341 251,450
Net deferred income
taxes 33,868 (590)
Changes in operating
assets and liabilities (165,037) 77,643
Net cash provided by
operating activities 656,951 793,464
CASH FLOWS FROM
INVESTING ACTIVITIES:
Net capital expenditures (642,215) (633,064)
Increase in other assets (28,643) (32,646)
Net cash used in
investing activities (670,858) (665,710)
Certain reclassifications have been made in the prior year to
conform to classifications used in the current year.
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
52 WEEKS ENDED
1/30/97 2/1/96
CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from long-term
borrowings 202,000 202,525
Payments on long-term
borrowings (88,202) (211,463)
Net commercial paper
activity 119,601 99,657
Proceeds from stock
options exercised 3,328 4,902
Stock purchases (55,008) (77,814)
Cash dividends paid (146,060) (126,672)
Net cash provided by (used
in) financing activities 35,659 (108,865)
NET INCREASE
IN CASH AND
CASH EQUIVALENTS 21,752 18,889
CASH AND CASH
EQUIVALENTS AT
BEGINNING OF YEAR 69,113 50,224
CASH AND CASH
EQUIVALENTS AT
END OF YEAR $ 90,865 $ 69,113
Certain reclassifications have been made in the prior year to
conform to classifications used in the current year.
CONTACT: Albertson's, Inc., Boise, Idaho “Boise” redirects here. For other uses, see Boise (disambiguation). Boise is the capital and most populous city of the U.S. state of Idaho. It is the county seat of Ada County and the principal city of the Boise metropolitan area. Investor Relations Investor relations The process by which the corporation communicates with its investors. -- A. Craig Olson, 208/395-6284 Renee Renee is a common female name in the United States and male name in Europe. Pronunciation: rε-'nei The word Renee can mean the following: reborn, born again. There is often an accent over the middle e, as in Renée. Bergquist, 208/395-6622 News Media -- 208/395-6392 |
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