Albertson's, Inc. reports 26th consecutive year of increased sales and earnings.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 4, 1996--Albertson's, Inc. (NYSE NYSE See: New York Stock Exchange :ABS (Automatic Backup System) See backup program. ) announced record sales and earnings for the year ended Feb. 1, 1996. Sales were $12.6 billion, an increase of 5.8% over last year. Identical store sales increased 0.8% and comparable store sales (which include replacement stores) increased 1.0%. The pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern LIFO (Last In-First Out) A queueing method in which the next item to be retrieved is the item most recently placed in the queue. Contrast with FIFO. LIFO - stack charge for 1995 was $17.1 million compared to $9.1 million for the 1994 fiscal year. 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 8.6% compared to 1994. Net earnings were $465.0 million compared to $400.4 million last year, an increase of 16.1%. Excluding the cumulative effect of an accounting change recognized in the first quarter last year, net earnings increased 11.4%. Earnings per share increased 16.5% to $1.84 per share from $1.58 per share last year. Excluding the effect of the accounting change, earnings per share increased 11.5%. Sales for the 13 weeks ended Feb. 1, 1996, were $3.3 billion, an increase of 6.8% over the $3.1 billion for the same quarter last year. Identical store sales increased 1.9% and comparable store sales increased 2.1%. The pretax LIFO credit was $9.2 million compared to a credit of $15.3 million for the same quarter last year. Operating profit increased 6.3% compared to the same period last year. Net earnings were $154.1 million compared to $144.2 million for the same quarter last year, an increase of 6.9%. Earnings per share increased 7.0% to $.61 per share from $.57 per share last year. Thirty-two stores were opened during the fourth quarter for a total of 58 store openings for the 52-week period. Included in the 32 openings were 6 stores in the company's new Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; market. A total of 10 stores have been opened in this market over the last two quarters. Remodels were completed on 17 stores in the fourth quarter for a total of 53 remodels for the 52-week period. Two stores were closed during the fourth quarter for a total of 14 closures during the fiscal year. Pursuant to the 5 million share stock purchase program approved by the board of directors in March 1995, the company purchased and retired 1.2 million shares of its common stock during the fourth quarter. A total of 2.6 million shares have been purchased and retired to date under this program, which expires on March 31, 1996. 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:
adj. 1. Of or relating to the initial phase of a project: a front-end investment. 2. Of or relating to the forward parts of a vehicle: a front-end alignment. service." 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 Feb. 1, 1996, the company operated 764 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
2/1/96 2/2/95
Sales $3,278,816 100.00% $3,069,121 100.00% Cost of sales 2,423,844 73.92 2,270,871 73.99 Gross profit 854,972 26.08 798,250 26.01 Selling, general and admin. expenses 596,340 18.19 554,891 18.08 Operating profit 258,632 7.89 243,359 7.93 Other (expenses) income: Interest, net (13,333) (.41) (15,284) (.50) Other, net 6,101 .19 6,413 .21 Earnings before income taxes and cumulative effect of accounting change 251,400 7.67 234,488 7.64 Income taxes 97,292 2.97 90,277 2.94 Earnings before cumulative effect of accounting change 154,108 4.70 144,211 4.70 Cumulative effect of accounting change: Postemployment benefits NET EARNINGS $ 154,108 4.70% $ 144,211 4.70% Earnings per share before cumulative effect of accounting change $.61 $.57 Cumulative effect of accounting change: Postemployment benefits EARNINGS PER SHARE $.61 $.57
ALBERTSON'S, INC.
(Unaudited - In thousands except per share data)
CONSOLIDATED EARNINGS
13 WEEKS ENDED
2/1/96 2/2/95
Average common shares outstanding 252,358 253,813 Total common shares outstanding at end of period 251,919 253,984 Return on average stockholders' equity (a) 32.3% 35.4% Return on average assets (a) 15.1% 16.1% Dividends per share $.13 $.11 Price range of stock 35 5/8-30 3/8 30 5/8-27 5/8 Effective tax rate 38.7% 38.5% LIFO charge (credit) before income taxes $(9,207) $(15,254)
(a) Annualized for the 13 weeks ended Feb. 1, 1996 and
Feb. 2, 1995.
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
2/1/96 2/2/95
Sales $12,585,034 100.00% $11,894,621 100.00% Cost of sales 9,362,266 74.39 8,882,294 74.67 Gross profit 3,222,768 25.61 3,012,327 25.33 Selling, general and admin. expenses 2,415,552 19.19 2,269,189 19.08 Operating profit 807,216 6.41 743,138 6.25 Other (expenses) income: Interest, net (55,633) (.44) (62,141) (.52) Other, net 6,918 .05 (2,345) (.02) Earnings before income taxes and cumulative effect of accounting change 758,501 6.03 678,652 5.71 Income taxes 293,540 2.33 261,281 2.20 Earnings before cumulative effect of accounting change 464,961 3.69 417,371 3.51 Cumulative effect of accounting change: Postemployment benefits (17,006) (.14) NET EARNINGS $ 464,961 3.69% $ 400,365 3.37% Earnings per share before cumulative effect of accounting change $1.84 $1.65 Cumulative effect of accounting change: Postemployment benefits (.07) EARNINGS PER SHARE $1.84 $1.58
ALBERTSON'S, INC.
(Unaudited - In thousands except per share data)
CONSOLIDATED EARNINGS
52 WEEKS ENDED
2/1/96 2/2/95
Average common shares
outstanding 253,080 253,633
Total common shares
outstanding at end
of period 251,919 253,984
Return on average
stockholders' equity 25.7% 26.4%
Return on average
assets (a) 12.1% 11.6%
Dividends per share $.52 $.44
Price range of stock 35 5/8-27 1/4 30 7/8-25 1/8
Effective tax rate 38.7% 38.5%
LIFO charge (credit)
before income taxes $17,093 $9,146
(a) Annualized for the 13 weeks ended Feb. 1, 1996 and
Feb. 2, 1995.
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
2/1/96 2/2/95
ASSETS Cash and cash equivalents $ 69,113 $ 50,224 Inventories 1,030,246 948,561 Other current assets 183,643 190,804 Total current assets 1,283,002 1,189,589
Land, buildings
and equipment 4,063,378 3,496,257
Less accumulated
depreciation and
amortization 1,365,896 1,186,898
2,697,482 2,309,359
Other assets 155,427 122,781
$4,135,911 $3,621,729
2/1/96 2/2/95
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 648,963 $ 575,551 Current portions of long-term debt and capitalized lease obligations 85,553 208,050 Other current liabilities 353,977 311,838 Total current liabilities 1,088,493 1,095,439 Long-term debt 602,993 382,775 Capitalized lease obligations 129,265 129,573 Other liabilities 362,637 326,049
Stockholders'
equity 1,952,523 1,687,893
$4,135,911 $3,621,729
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
52 WEEKS ENDED
2/1/96 2/2/95
CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $464,961 $400,365 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 251,450 226,467 Net deferred income taxes (590) (18,956) Cumulative effect of accounting change 17,006 Changes in operating assets and liabilities 73,579 (16,750) Net cash provided by operating activities 789,400 608,132 CASH FLOWS FROM INVESTING ACTIVITIES: Net capital expenditures (633,064) (428,495) Increase in other assets (32,646) (31,971) Net cash used in investing activities (665,710) (460,466)
ALBERTSON'S, INC.
(Unaudited - In thousands)
CONSOLIDATED CASH FLOWS
52 WEEKS ENDED
2/1/96 2/2/95
CASH FLOWS FROM FINANCING ACTIVITIES: Net line of credit activity (10,000) Proceeds from long-term borrowings 200,000 Payments on long-term borrowings (208,938) (83,013) Net commercial paper activity 99,657 29,828 Proceeds from stock options exercised 8,966 9,782 Stock purchases (77,813) Cash dividends paid (126,673) (106,502) Net cash used in financing activities (104,801) (159,905)
NET INCREASE (DECREASE)
IN CASH AND
CASH EQUIVALENTS 18,889 (12,239)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 50,224 62,463 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 69,113 $ 50,224 CONTACT: Albertson's, Inc., Boise A. Craig Olson, 208/385-6284 News Media, 208/385-6392 |
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