Albertson's, Inc. Reports Record Sales and Earnings for the Third Quarter of 1995.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)--Nov. 27, 1995--Albertson's, Inc. (NYSE NYSE See: New York Stock Exchange :ABS (Automatic Backup System) See backup program. ) announced record sales and earnings for the 13 weeks ended November November: see month. 2, 1995. Sales were $3.1 billion, an increase of 6.0% over the same quarter last year. Identical store sales increased 1.4% and comparable store sales (which include replacement stores) increased 1.7%. Operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. increased 7.0% compared to the third quarter of 1994. Net earnings were $105.4 million compared to $94.3 million last year, an increase of 11.7%. Earnings per share increased 13.5% to $.42 per share from $.37 per share last year. Sales for the 39 weeks ended November 2, 1995 were $9.3 billion, an increase of 5.4% over the $8.8 billion for the same 39-week period last year. Identical store sales increased 0.5% and comparable store sales increased 0.7%. Operating profit increased 9.8% compared to the same period last year. Net earnings were $310.9 million compared to $256.2 million last year, an increase of 21.4%. Excluding the cumulative effect of an accounting change recognized in the first quarter last year, net earnings increased 13.8%. Earnings per share increased 21.8% to $1.23 per share from $1.01 per share last year. Excluding the effect of the accounting change, earnings per share increased 13.9%. Thirteen stores were opened during the quarter for a total of 26 store openings for the 39-week period. The Company plans to open an additional 29 stores in the fourth quarter of 1995 for a total of 55 for the year. Included in the 13 openings in the third quarter were 4 stores in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , a new market for the Company. Remodels were completed on 21 stores in the third quarter for a total of 36 for the 39-week period. Plans call for the completion of an additional 17 remodels in the fourth quarter for a total of 53 for the year. Four stores were closed during the third quarter for a total of 12 closures during the 39-week period. 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:
The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; market. Six more stores will be opened in this market during the fourth quarter and an additional six are planned for 1996. We are pleased with the improved identical store sales increases, and top-line growth continues to be our number one priority." Albertson's, Inc. is the fourth largest retail food-drug chain 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 November 2, 1995, the Company operated 734 stores in 19 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
11/2/95 11/3/94
Sales $3,103,578 100.00% $2,928,012 100.00% Cost of sales 2,306,793 74.33 2,187,602 74.71 Gross profit 796,785 25.67 740,410 25.29 Selling, general and admin. expenses 614,153 19.79 569,744 19.46 Operating profit 182,632 5.88 170,666 5.83 Other (expenses) income: Interest, net (14,334) (.46) (15,384) (.53) Other, net 3,561 .11 (1,906) (.07) Earnings before income taxes and cumulative effect of accounting change 171,859 5.54 153,376 5.24 Income taxes 66,509 2.14 59,050 2.02 Earnings before cumulative effect of accounting change 105,350 3.39 94,326 3.22 Cumulative effect of accounting change: Postemployment benefits NET EARNINGS $ 105,350 3.39% $ 94,326 3.22% Earnings per share before cumulative effect of accounting change $.42 $.37 Cumulative effect of accounting change: Postemployment benefits EARNINGS PER SHARE $.42 $.37 Average common shares outstanding 252,738 253,648 Total common shares outstanding at end of period 252,829 253,712 Return on average stockholders' equity (1) 23.1% 24.6% Return on average assets (1) 10.8% 10.9% Dividends per share $.13 $.11 Price range of stock 34 5/8-28 5/8 30 1/4-26 1/8 Effective tax rate 38.7% 38.5% LIFO charge before income taxes $4,100 $2,700 (1) Annualized.
Note: Prior year amounts have been restated to reflect a
correction of the cumulative effect of the adoption of Statement of
Financial Accounting Standards No. 112, Employers Accounting for
Postemployment Benefits, recorded in the first quarter of 1994.
ALBERTSON'S, INC.
(Unaudited - In thousands except per share data)
CONSOLIDATED EARNINGS
39 WEEKS ENDED
11/2/95 11/3/94
Sales $9,306,218 100.00% $8,825,500 100.00% Cost of sales 6,938,422 74.56 6,611,423 74.91 Gross profit 2,367,796 25.44 2,214,077 25.09 Selling, general and admin. Expenses 1,826,516 19.63 1,720,913 19.50 Operating profit 541,280 5.82 493,164 5.59 Other (expenses) income: Interest, net (42,300) (.45) (46,857) (.53) Other, net 8,121 .09 (2,143) (.02) Earnings before income taxes and cumulative effect of accounting change 507,101 5.45 444,164 5.03 Income taxes 196,248 2.11 171,004 1.94 Earnings before cumulative effect of accounting change 310,853 3.34 273,160 3.10 Cumulative effect of accounting change: Postemployment benefits (17,006) (.19) NET EARNINGS $ 310,853 3.34% $ 256,154 2.90% Earnings per share before cumulative effect of accounting change $1.23 $1.08 Cumulative effect of accounting change: Postemployment benefits (.07) EARNINGS PER SHARE $1.23 $1.01 Average common shares outstanding 253,321 253,573 Total common shares outstanding at end of period 252,829 253,712 Return on average stockholders' equity (1) 23.4% 23.2% Return on average assets (1) 11.0% 10.1% Dividends per share $.39 $.33 Price range of stock 34 5/8-27 1/4 30 7/8-25 1/8 Effective tax rate 38.7% 38.5% LIFO charge before income taxes $26,300 $24,400 (1) Annualized.
Note:Prior year amounts have been restated to reflect a
correction of the cumulative effect of the adoption of Statement of
Financial Accounting Standards No. 112, Employers Accounting for
Postemployment Benefits, recorded in the first quarter of 1994.
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED BALANCE SHEETS
11/2/95 11/3/94
ASSETS Cash and cash equivalents $ 53,443 $ 67,906 Inventories 1,012,053 929,322 Other current assets 186,933 207,865 Total current assets 1,252,429 1,205,093
Land, buildings
and equipment 3,913,706 3,377,159
Less accumulated
depreciation and
amortization 1,313,226 1,138,211
2,600,480 2,238,948
Other assets 151,374 119,439
$4,004,283 $3,563,480
11/2/95 11/3/94
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 649,574 $ 626,719 Current portions of long-term debt and capitalized lease obligations 85,323 208,338 Other current liabilities 352,258 301,062 Total current liabilities 1,087,155 1,136,119 Long-term debt 589,529 458,022 Capitalized lease obligations 129,501 117,371 Other liabilities 334,140 285,071
Stockholders'
equity 1,863,958 1,566,897
$4,004,283 $3,563,480
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
39 WEEKS ENDED
11/2/95 11/3/94
CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $310,853 $256,154 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 185,222 165,886 Net deferred income taxes (8,623) (11,903) Cumulative effect of accounting change 17,006 Changes in operating assets and liabilities 59,256 (22,230) Net cash provided by operating activities 546,708 404,913 CASH FLOWS FROM INVESTING ACTIVITIES: Net capital expenditures (471,563) (311,604) Increase in other assets (21,102) (28,629) Net cash used in investing activities (492,665) (340,233) CASH FLOWS FROM FINANCING ACTIVITIES: Net line of credit activity (10,000) Proceeds from long-term borrowings 200,000 Payments on long-term borrowings (205,490) (80,330) Net commercial paper activity 84,524 104,629 Proceeds from stock options exercised 4,074 5,057 Stock purchases (40,127) Cash dividends paid (93,805) (78,593) Net cash used in financing activities (50,824) (59,237) NET INCREASE IN CASH AND CASH EQUIVALENTS 3,219 5,443 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 50,224 62,463 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 53,443 $ 67,906 CONTACT: Albertson's, Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 208/385-6284 News Media, 208/385-6392 |
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