ALBERTSON'S, INC. REPORTS RESULTS FOR THE FIRST QUARTER OF 1997.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)--May 22, 1997--Albertson's, Inc. (NYSE NYSE See: New York Stock Exchange :ABS (Automatic Backup System) See backup program. ) reports increased sales for the 13 weeks ended May 1, 1997. Sales were $3.6 billion, an increase of 7.9% over the $3.3 billion for the similar 13-week period last year. Comparable store sales increased 0.9%. Net earnings for the 13 weeks ended May 1, 1997, were $109.3 million, compared to $112.4 million last year. Earnings per share for the first quarter were $.44 per share compared to $.45 per share last 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:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth of the Company." Retail square footage grew to 40.2 million square feet, a net increase of 8.5% since the first quarter last year. The Company opened 7 stores during the first quarter and plans to open approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 59 stores in the remaining three quarters of 1997, for a total of about 66 for the year. Remodels were completed on 8 stores. Plans call for the completion of an additional 32 remodels this year for a total of 40 remodels. No stores were closed during the quarter. Capital expenditures, including leases, for the first quarter were $141 million. On May 19, 1997, the Company purchased an independent conventional supermarket supermarket Large retail store operated on a self-service basis, selling groceries, produce, meat, bakery and dairy products, and sometimes nonfood goods. Supermarkets were first established in the U.S. during the 1930s as no-frills retail stores offering low prices. in Winnemucca, Nevada | Winnemucca(Win-ah-muc-ah) is the county seat of Humboldt County in the U.S. state of Nevada and the site of a September 19, 1900 bank robbery by the Wild Bunch. As of the 2000 census, the city had a total population of 7,174. . The store opened under the Albertson's name on May 21, 1997. 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 1997, the Company purchased and retired 676,900 shares of its common stock during the first quarter, at a total cost of $21.8 million, or $32.14 per share. 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 May 1, 1997, the Company operated 833 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
5/1/97 5/2/96
Sales $3,607,541 100.00% $3,343,941 100.00%
Cost of sales 2,678,835 74.26 2,485,326 74.32
Gross profit 928,706 25.74 858,615 25.68
Selling, general and
admin. expenses 731,988 20.29 662,052 19.80
Operating profit 196,718 5.45 196,563 5.88
Other (expenses)
income:
Interest, net (19,314) (.54) (14,957) (.45)
Other, net (311) (.01) 529 .02
Earnings before
income taxes 177,093 4.91 182,135 5.45
Income taxes 67,827 1.88 69,758 2.09
NET EARNINGS $ 109,266 3.03% $ 112,377 3.36%
EARNINGS PER SHARE $.44 $.45
Weighted average common
shares outstanding 250,633 251,929
Total common shares
outstanding at end
of period 250,133 251,956
Return on average
stockholders' equity (1) 19.2% 22.6%
Return on average
assets (1) 9.3% 10.8%
Dividends per share $.16 $.15
Price range of stock 37-30 1/2 39 3/8-33 3/4
Effective tax rate 38.3% 38.3%
LIFO charge before
income taxes $10,900 $12,400
(1) Annualized.
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
5/1/97 5/2/96
ASSETS
Cash and cash
equivalents $ 50,353 $ 54,048
Inventories 1,151,822 1,042,891
Other current
assets 195,653 180,419
Total current
assets 1,397,828 1,277,358
Other assets 178,442 175,223
Land, buildings
and equipment 4,742,978 4,183,795
Less accumulated
depreciation and
amortization 1,629,392 1,419,721
3,113,586 2,764,074
$4,689,856 $4,216,655
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED BALANCE SHEETS
5/1/97 5/2/96
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 695,979 $ 617,530
Current portions
of long-term debt
and capitalized
lease obligations 94,533 8,641
Other current
liabilities 451,489 418,851
Total current
liabilities 1,242,001 1,045,022
Long-term debt 657,016 637,919
Capitalized lease
obligations 127,797 130,143
Other long-term
liabilities and
deferred credits 366,384 375,818
Stockholders'
equity 2,296,658 2,027,753
$4,689,856 $4,216,655
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
13 WEEKS ENDED
5/1/97 5/2/96
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net earnings $109,266 $112,377
Adjustments to reconcile
net earnings to net cash
provided by operating
activities:
Depreciation and
amortization 79,136 69,604
Net deferred income
taxes (7,694) (5,467)
Changes in operating
assets and liabilities 150,506 31,093
Net cash provided by
operating activities 331,214 207,607
CASH FLOWS FROM
INVESTING ACTIVITIES:
Net capital expenditures (138,486) (133,540)
Decrease (increase) in
other assets 5,628 (12,991)
Net cash used in
investing activities (132,858) (146,531)
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
13 WEEKS ENDED
5/1/97 5/2/96
CASH FLOWS FROM
FINANCING ACTIVITIES:
Payments on long-term
borrowings (1,871) (78,779)
Net commercial paper
activity (179,089) 34,971
Stock purchases (21,759)
Proceeds from stock
options exercised 1,454 416
Cash dividends paid (37,603) (32,749)
Net cash used in
financing activities (238,868) (76,141)
NET DECREASE
IN CASH AND
CASH EQUIVALENTS (40,512) (15,065)
CASH AND CASH
EQUIVALENTS AT
BEGINNING OF PERIOD 90,865 69,113
CASH AND CASH
EQUIVALENTS AT
END OF PERIOD $ 50,353 $ 54,048
CONTACT: Albertson's, Inc., Boise, ID 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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