Albertson's, Inc. reports sales and earnings for the third 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)--Nov. 25, 1996-- Albertson's, Inc. (NYSE NYSE See: New York Stock Exchange :ABS (Automatic Backup System) See backup program. ) reported sales of $3.4 billion and earnings of $106.4 million for the 13 weeks ended Oct. 31, 1996. Sales increased 8.8% over the same quarter last year. Identical store sales increased 0.7% and comparable store sales (which include replacement stores) increased 0.8%. 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 2.0% compared to the third quarter of 1995. Net earnings increased 1.0% compared to last year's $105.4 million. Earnings per share for the third quarter were $.42 per share, the same as the third quarter last year. Sales for the 39 weeks ended Oct. 31, 1996, were $10.2 billion, an increase of 9.6% over the $9.3 billion for the same 39-week period last year. Identical store sales increased 2.3% and comparable store sales increased 2.5%. Operating profit increased 8.9% compared to the same period last year. Net earnings were $339.5 million compared to $310.9 million last year, an increase of 9.2%. Earnings per share increased 9.8% to $1.35 per share from $1.23 per share last year. Twenty-two stores were opened during the quarter which included one acquired store in Riverton, Utah Riverton is a city in Salt Lake County, Utah, United States. The population was 25,011 at the 2000 census. A July 2006 estimate placed Riverton's population at 35,543. Riverton is one of the fastest-growing cities in the state of Utah, and was ranked by CNN Money Magazine as the . The company opened a total of 53 stores during the 39-week period and plans to open an additional 17 stores in the fourth quarter of 1996 for a total of 70 for the year. Remodels were completed on 14 stores in the third quarter for a total of 33 for the 39-week period. Plans call for the completion of an additional 9 remodels for a total of 42 for the year. No stores were closed during the third quarter. Six stores have been closed during the 39-week period. On Oct. 31, 1996, the company operated 39 million square feet of retail space, over 95% of which has been opened or remodeled in the last 10 years. 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:
tr.v. re·mod·eled also re·mod·elled, re·mod·el·ing also re·mod·el·ling, re·mod·els also re·mod·els To make over in structure or style; reconstruct. existing stores and invest in store level programs that are designed to increase sales. The company has implemented aggressive programs to increase identical store sales, improve productivity in new stores and control costs." In further comments Olson said, "The company has been aggressive in opening and remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling stores. Over the last four quarters we have opened 85 stores and completed remodels on 50 stores, for a net square footage increase of 12.3%. The company purchased and retired 666,800 shares of its common stock during the third quarter at a total cost of $23.2 million." 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 Oct. 31, 1996, the company operated 811 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
10/31/96 11/2/95
Sales $3,375,771 100.00% $3,103,578 100.00%
Cost of sales 2,507,434 74.28 2,309,294 74.41
Gross profit 868,337 25.72 794,284 25.59
Selling, general and
admin. expenses 679,438 20.13 609,119 19.63
Operating profit 188,899 5.60 185,165 5.97
Other (expenses)
income:
Interest, net (16,103) (.48) (14,334) (.46)
Other, net (310) (.01) 1,028 .03
Earnings before
income taxes 172,486 5.11 171,859 5.54
Income taxes 66,062 1.96 66,509 2.14
NET EARNINGS $ 106,424 3.15% $ 105,350 3.39%
EARNINGS PER SHARE $.42 $.42
Average common shares
outstanding 252,038 252,738
Total common shares
outstanding at end
of period 251,523 252,829
Return on average
stockholders' equity (1) 19.9% 23.1%
Return on average
assets (1) 9.5% 10.8%
Dividends per share $.15 $.13
Price range of stock 43 3/4-33 3/4 34 5/8-28 5/8
Effective tax rate 38.3% 38.7%
LIFO charge before
income taxes $5,400 $4,100
(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 except per-share data)
CONSOLIDATED EARNINGS
39 WEEKS ENDED
10/31/96 11/2/95
Sales $10,200,843 100.00% $9,306,218 100.00%
Cost of sales 7,572,925 74.24 6,947,694 74.66
Gross profit 2,627,918 25.76 2,358,524 25.34
Selling, general and
admin. expenses 2,030,427 19.90 1,809,940 19.45
Operating profit 597,491 5.86 548,584 5.89
Other (expenses)
income:
Interest, net (46,065) (.45) (42,300) (.45)
Other, net (1,162) (.01) 817 .01
Earnings before
income taxes 550,264 5.39 507,101 5.45
Income taxes 210,751 2.07 196,248 2.11
NET EARNINGS $ 339,513 3.33% $ 310,853 3.34%
EARNINGS PER SHARE $1.35 $1.23
Average common shares
outstanding 251,976 253,321
Total common shares
outstanding at end
of period 251,523 252,829
Return on average
stockholders' equity (1) 21.9% 23.4%
Return on average
assets (1) 10.5% 11.0%
Dividends per share $.45 $.39
Price range of stock 43 3/4-33 3/4 34 5/8-27 1/4
Effective tax rate 38.3% 38.7%
LIFO charge before
income taxes $30,200 $26,300
(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
10/31/96 11/2/95
ASSETS
Cash and cash
equivalents $ 62,393 $ 53,443
Inventories 1,179,493 1,012,053
Other current
assets 187,367 186,933
Total current
assets 1,429,253 1,252,429
Other assets 164,871 151,374
Land, buildings
and equipment 4,506,082 3,913,706
Less accumulated
depreciation and
amortization 1,513,973 1,313,226
2,992,109 2,600,480
$4,586,233 $4,004,283
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
10/31/96 11/2/95
LIABILITIES AND
STOCKHOLDERS'
EQUITY
Accounts payable $ 689,252 $ 649,574
Current portions
of long-term debt
and capitalized
lease obligations 9,301 85,323
Other current
liabilities 358,518 352,258
Total current
liabilities 1,057,071 1,087,155
Long-term debt 877,237 589,529
Capitalized lease
obligations 126,355 129,501
Other long-term
liabilities and
deferred credits 365,077 334,140
Stockholders
equity 2,160,493 1,863,958
$4,586,233 $4,004,283
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
39 WEEKS ENDED
10/31/96 11/2/95
CASH FLOWS FROM
OPERATING ACTIVITIES:
Net earnings $339,513 $310,853
Adjustments to reconcile
net earnings to net cash
provided by operating
activities:
Depreciation and
amortization 217,001 185,222
Net deferred income
taxes 10,189 (8,623)
Changes in operating
assets and liabilities (118,160) 61,242
Net cash provided by
operating activities 448,543 548,694
CASH FLOWS FROM
INVESTING ACTIVITIES:
Net capital expenditures (508,245) (471,563)
Increase in other assets (9,444) (21,102)
Net cash used in
investing activities (517,689) (492,665)
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
39 WEEKS ENDED
10/31/96 11/2/95
CASH FLOWS FROM
FINANCING ACTIVITIES:
Proceeds from long-term
borrowings 200,000 200,000
Payments on long-term
borrowings (83,117) (205,490)
Net commercial paper
activity 74,686 84,524
Proceeds from stock
options exercised 2,404 2,088
Stock purchases (23,207) (40,127)
Cash dividends paid (108,340) (93,805)
Net cash provided (used)
in financing activities 62,426 (52,810)
NET (DECREASE) INCREASE
IN CASH AND
CASH EQUIVALENTS (6,720) 3,219
CASH AND CASH
EQUIVALENTS AT
BEGINNING OF PERIOD 69,113 50,224
CASH AND CASH
EQUIVALENTS AT
END OF PERIOD $ 62,393 $ 53,443
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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