AMERICAN STORES EXPECTS FLAT 1991 THIRD QUARTER EARNINGS
AMERICAN STORES EXPECTS FLAT 1991 THIRD QUARTER EARNINGS SALT LAKE CITY, Utah., Nov. 15 /PRNewswire/ -- American Stores Co. (NYSE: ASC) announced today that continued softness in the economy and the company's commitment to maintain its customer count by remaining competitive in retail
prices and increasing advertising costs, which were offset by reductions in interest expense, is expected to result in third quarter earnings that are flat compared to the 1990 third quarter earnings of $0.40 per common share before gain on the sale of assets. The reported third quarter earnings for 1990 were $0.45 per share which included a gain on the sale of assets of $0.05 per common share, the majority of which related to the gain on the sale of the Buttrey Food and Drug Division.
While like store sales decreased slightly for the 13th-week third quarter ended Nov. 2, 1991, like store customer counts were up one- half of 1 percent over the prior year. Grocery and combination like store sales decreased 1.8 percent, while drug store like sales increased 7.2 percent. Customer counts were up in both the grocery and combination stores and in the drug stores. Sales from comparable operations amounted to approximately $.49 billion for the third quarters of 1991 and 1990. The company expects to report final third quarter results on Nov. 26, 1991. -0- 11/15/91 /CONTACT: Cal Drecksel, VP-investor relations of American Stores Co., 801-539-0112/ (ASC) CO: American Stores Co. ST: Utah IN: REA SU: AL -- LA021 -- 1796 11/15/91 18:14 EST
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|Date:||Nov 15, 1991|
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