Albertson’s Says 3rd-Quarter Profit Up 11.6%

Albertson’s Inc. said its third-quarter profit rose 11.6% to $137.7 million, or 56 cents a share, in line with analyst estimates. The supermarket operator’s sales grew 10.5% to $4 billion. Sales at stores open a year or more rose 1.7%. Albertson’s recently received shareholder approval for its acquisition of American Stores Co., which will push Albertson’s from the fourth-largest U.S. supermarket company to the second-largest, behind Kroger Co. The new Boise, Idaho-based Albertson’s will operate about 2,500 stores in 37 states with 1998 estimated sales of about $36 billion. The deal is expected to close in early 1999, pending regulatory approval. Albertson’s shares closed at $57.38 on the NYSE, up 88 cents.