Albertson's, Inc. reports record sales and earnings for the first quarter of 1996.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 23, 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 13 weeks ended May 2, 1996. Sales were $3.3 billion, an increase of 8.4% over the same quarter last year. Identical store sales increased 2.4% and comparable store sales (which include replacement stores) increased 2.7%. 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 11.6% compared to the first quarter in 1995. 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 was $12.4 million in the first quarter of 1996 compared to a charge of $11.1 million in the first quarter of 1995. Net earnings were $112.4 million compared to $99.3 million last year, an increase of 13.2%. Earnings per share increased 15.4% to $.45 per share from $.39 per share last year. Fourteen stores were opened during the first quarter including two stores that were acquired; one in Fullerton Fullerton, city (1990 pop. 114,144), Orange co., S Calif., SE of Los Angeles; founded 1887, inc. 1904. The city is named for George H. Fullerton, head of a land company, who arranged to route the San Diego–Los Angeles–Santa Fe RR through the settlement in , Calif. and one in Ponca City Ponca City, city (1990 pop. 26,359), Kay co., N Okla., on the Arkansas River; founded 1893 with the opening of the Cherokee Strip, inc. 1899. It is a trade, processing, and shipping hub in a grain, livestock, and oil area. , Okla. The company plans to open an additional 54 stores in the remaining three quarters of 1996 for a total of 68 for the year. Remodels were completed on 6 stores and plans call for the completion of an additional 37 stores for a total of 43 remodels for the year. One store was closed during the quarter. Net retail square footage increased 9.7% since the first quarter last year. On May 2, 1996, the company operated 37.1 million square feet of retail space, 95% of which has been opened or remodeled in the last ten years. The new 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 Distribution Center became fully operational on March 18, 1996, and is shipping merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain to the company's retail stores in South Texas and South Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. . The company supplies
all of its retail stores from 12 company-owned distribution centers,
encompassing 7.1 million square feet.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 company continues to make good progress on the critical success factors in the retail food-drug industry -- increasing identical store sales, providing employee training and advancement A gift of money or property made by a person while alive to his or her child or other legally recognized heir, the value of which the person intends to be deducted from the child's or heir's eventual share in the estate after the giver's death. , and increasing retail square footage. During the first quarter, the company focused on quick meal ideas and improving front-end front-end 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 -- two important areas of our retail stores." 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 2, 1996, the company operated 777 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
5/2/96 5/4/95
Sales $3,343,941 100.00% $3,083,424 100.00% Cost of sales 2,479,833 74.16 2,308,209 74.86 Gross profit 864,108 25.84 775,215 25.14 Selling, general and admin. expenses 667,545 19.96 599,157 19.43 Operating profit 196,563 5.88 176,058 5.71 Other (expenses) income: Interest, net (14,957) (.45) (14,393) (.47) Other, net 529 .02 283 .01 Earnings before income taxes 182,135 5.45 161,948 5.25 Income taxes 69,758 2.09 62,674 2.03 NET EARNINGS $ 112,377 3.36% $ 99,274 3.22% EARNINGS PER SHARE $.45 $.39 Average common shares outstanding 251,929 254,006 Total common shares outstanding at end of period 251,956 254,031 Return on average stockholders' equity (1) 22.6% 23.1% Return on average assets (1) 10.8% 10.9% Dividends per share $.15 $.13 Price range of stock 39 3/8-33 3/4 32 1/2-29 7/8 Effective tax rate 38.3% 38.7% LIFO charge before income taxes $12,400 $11,100 (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
5/2/96 5/4/95
ASSETS Cash and cash equivalents $ 54,048 $ 72,014 Inventories 1,042,891 901,769 Other current assets 180,419 192,798 Total current assets 1,277,358 1,166,581 Other assets 175,223 144,073
Land, buildings
and equipment 4,183,795 3,581,501
Less accumulated
depreciation and
amortization 1,419,721 1,226,377
2,764,074 2,355,124
$4,216,655 $3,665,778
5/2/96 5/4/95
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 617,530 $ 553,725 Current portions of long-term debt and capitalized lease obligations 8,641 135,202 Other current liabilities 418,851 381,399 Total current liabilities 1,045,022 1,070,326 Long-term debt 637,919 385,113 Capitalized lease obligations 130,143 130,084 Other long-term liabilities and deferred credits 375,818 325,416
Stockholders'
equity 2,027,753 1,754,839
$4,216,655 $3,665,778
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
13 WEEKS ENDED
5/2/96 5/4/95
CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings $112,377 $ 99,274 Adjustments to reconcile net earnings to net cash provided by operating activities: Depreciation and amortization 69,604 60,528 Net deferred income taxes (5,467) 1,460 Changes in operating assets and liabilities 31,093 85,249 Net cash provided by operating activities 207,607 246,511 CASH FLOWS FROM INVESTING ACTIVITIES: Net capital expenditures (133,540) (104,181) Increase in other assets (12,991) (20,895) Net cash used in investing activities (146,531) (125,076) CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term borrowings (78,779) (151,552) Net commercial paper activity 34,971 79,393 Proceeds from stock options exercised 416 452 Cash dividends paid (32,749) (27,938) Net cash used in financing activities (76,141) (99,645) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (15,065) 21,790 CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 69,113 50,224 CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 54,048 $ 72,014 Certain reclassifications have been made in the prior year to conform to classifications used in the current year. 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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