Albertson's, Inc. Reports Results For The Second 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)--Aug. 25, 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 July July: see month. 31, 1997. Sales were $3.7 billion, an increase of 5.7% over the $3.5 billion for the similar 13-week period last year. Identical store sales decreased 0.6% and comparable store sales (which include replacement stores) decreased 0.6%. During the second quarter of 1996, the Company's Denver Denver, city (1990 pop. 467,610), alt. 5,280 ft (1,609 m), state capital, coextensive with Denver co., N central Colo., on a plateau at the foot of the Front Range of the Rocky Mts., along the South Platte River where Cherry Creek meets it; inc. 1861. Division benefited from a strike that affected two of the Company's competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. . Excluding the Denver Division, total sales increased 7.7%, identical store sales increased 1.1% and comparable store sales increased 1.1%. Net earnings for the 13 weeks ended July 31, 1997, were $109.4 million compared to $120.7 million last year. Earnings per share for the second quarter were $.44 per share compared to $.48 per share last year. Sales for the 26 weeks ended July 31, 1997, were $7.3 billion, an increase of 6.8% over the $6.8 billion for the same 26-week period last year. Identical store sales increased 0.1% and comparable store sales increased 0.1%. Net earnings were $218.7 million compared to $233.1 million last year. Earnings per share were $.88 per share compared to $.93 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:
Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. programs address changing consumer shopping patterns to provide our customers with solutions which make shopping and meal planning easier. Specifically: "Quick Fixin' Ideas offer our customers quick and easy meals and meal ideas. "Vendor-assisted Bonus Buys pass on savings to our customers and help build business in the grocery, nonfood non·food adj. Of, relating to, or being something that is not food but is sold in a supermarket, as housewares or stationery. , and health and beauty care sections of our stores. "Print and electronic media spending has increased with our new `Dear Albertson's' advertising campaign. We plan to continue this campaign which promotes our great people as well as our great programs. "Special destination categories such as Albertson's Better Care pharmacies This article is a list of major pharmacies (also known as chemists and drugstores) by country. Australia Pharmacies in Australia are mostly independently-owned by pharmacists, often operated as franchises of retail brands offered by the three major , baby care, pet care, snack and beverage centers are being introduced into our stores to enhance our one-stop one-stop adj. Relating to or providing a comprehensive selection of goods or services at a single location: one-stop shopping; a one-stop health-care center. shopping concept. "Enhanced employee training programs and Front End Managers ensure that our customer service meets our high standards. "These programs are expensive to initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. ; however, we are seeing positive results as we continue to fine-tune these programs. These initiatives, combined with our financial strength, will position us well for the future." Albertson's store development program continues to produce a record number of new stores that feature the new customer-focused initiatives. During the second quarter, retail square footage grew to 41 million square feet, a net increase of 8.2% since the second quarter last year. The Company opened 17 stores during the second quarter for a total of 24 for the 26-week period. The Company plans to open approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 42 stores in the remaining two quarters of 1997 for a total of about 66 for the year. Remodels were completed on 7 stores during the second quarter for a total of 15 remodels completed during the 26-week period. Plans call for the completion of approximately 22 additional remodels this year for a total of about 37 remodels. Three stores were closed during the quarter. Capital expenditures, including leases, for the second quarter were $164 million for a total of $305 million during the first half of the year. 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 4,184,400 shares of its common stock during the second quarter at a total cost of $154.4 million, or $36.90 per share. Year to date, the Company has purchased and retired 4,861,300 shares of its common stock at a total cost of $176.2 million, or $36.24 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 July 31, 1997, the Company operated 847 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- Forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this news release, if any, are not updated to reflect actual results, changes in assumptions or changes in other factors affecting such forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information. Assumptions and other information that could cause actual results to differ from those set forth in the forward-looking information can be found in the Company's Form 10-Q Form 10-Q See 10-Q. . -0-
ALBERTSON'S, INC.
(Unaudited - In thousands except per share data)
CONSOLIDATED EARNINGS
13 WEEKS ENDED
7/31/97 8/1/96
Sales $3,680,509 100.00% $3,481,131 100.00%
Cost of sales 2,748,549 74.68 2,580,165 74.12
Gross profit 931,960 25.32 900,966 25.88
Selling, general and
admin. expenses 746,344 20.28 688,937 19.79
Operating profit 185,616 5.04 212,029 6.09
Other (expenses)
income:
Interest, net (19,541) (.53) (15,005) (.43)
Other, net 9,356 .25 (1,381) (.04)
Earnings before
income taxes 175,431 4.77 195,643 5.62
Income taxes 65,991 1.79 74,931 2.15
NET EARNINGS $ 109,440 2.97% $ 120,712 3.47%
EARNINGS PER SHARE $.44 $.48
Weighted average common
shares outstanding 249,021 251,962
Total common shares
outstanding at end
of period 245,961 251,980
Return on average
stockholders' equity (1) 19.4% 23.3%
Return on average
assets (1) 9.3% 11.3%
Dividends per share $.16 $.15
Price range of
stock 38 11/16-31 7/8 42 3/4-36 1/8
Effective tax rate 37.6% 38.3%
LIFO charge before
income taxes $10,900 $12,400
(1) Annualized.
CONSOLIDATED EARNINGS
26 WEEKS ENDED
7/31/97 8/1/96
Sales $7,288,050 100.00% $6,825,072 100.00%
Cost of sales 5,427,384 74.47 5,065,491 74.22
Gross profit 1,860,666 25.53 1,759,581 25.78
Selling, general and
admin. expenses 1,478,332 20.28 1,350,989 19.79
Operating profit 382,334 5.25 408,592 5.99
Other (expenses)
income:
Interest, net (38,855) (.53) (29,962) (.44)
Other, net 9,045 .12 (852) (.01)
Earnings before
income taxes 352,524 4.84 377,778 5.54
Income taxes 133,818 1.84 144,689 2.12
NET EARNINGS $ 218,706 3.00% $ 233,089 3.42%
EARNINGS PER SHARE $.88 $.93
Weighted average common
shares outstanding 249,827 251,945
Total common shares
outstanding at end
of period 245,961 251,980
Return on average
stockholders' equity (1) 19.4% 23.0%
Return on average
assets (1) 9.3% 11.0%
Dividends per share $.32 $.30
Price range of
stock 38 11/16-30 1/2 42 3/4-33 3/4
Effective tax rate 38.0% 38.3%
LIFO charge before
income taxes $21,800 $24,800
(1) Annualized.
CONSOLIDATED BALANCE SHEETS
(Unaudited - In thousands)
7/31/97 8/1/96
ASSETS
Cash and cash
equivalents $ 16,156 $ 76,740
Inventories 1,151,920 1,034,864
Other current
assets 199,626 186,570
Total current
assets 1,367,702 1,298,174
Other assets 200,105 171,146
Land, buildings
and equipment 4,870,598 4,347,889
Less accumulated
depreciation and
amortization 1,692,218 1,468,028
3,178,380 2,879,861
$4,746,187 $4,349,181
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 690,560 $ 618,055
Current portions
of long-term debt
and capitalized
lease obligations 94,656 8,788
Other current
liabilities 370,744 362,335
Total current
liabilities 1,155,960 989,178
Long-term debt 886,572 753,237
Capitalized lease
obligations 128,714 126,719
Other long-term
liabilities and
deferred credits 362,471 368,976
Stockholders'
equity 2,212,470 2,111,071
$4,746,187 $4,349,181
CONSOLIDATED CASH FLOWS
(Unaudited - In thousands)
26 WEEKS ENDED
7/31/97 8/1/96
OPERATING ACTIVITIES: ings to
net cash
160,276 141,507
Net de
life insurance (11,000) (1,000)
Changes in operating
assets and liabilities
operating activities
CONSOLID97 8/1/96
2)
CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from long-term
borrowings 200,000 200,000
Payments on long-term
borrowings (4,068) (80,820)
Net commercial paper
activity (149,365) (49,542)
Stock purchases (176,162)
Proceeds from stock
options exercised 1,474 601
Cash dividends paid (77,622) (70,542)
Net cash used in
financing activities (205,743) (303)
NET (DECREASE) INCREASE
IN CASH AND
CASH EQUIVALENTS (74,709) 7,627
CASH AND CASH
EQUIVALENTS AT
BEGINNING OF PERIOD 90,865 69,113
CASH AND CASH
EQUIVALENTS AT
END OF PERIOD $ 16,156 $ 76,740
Certain reclassifications have been made in the prior year to conform to Verb 1. conform to - satisfy a condition or restriction; "Does this paper meet the requirements for the degree?" fit, meet coordinate - be co-ordinated; "These activities coordinate well" classifications used in the current year. 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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