BRIEFLY / EARNINGS : Albertson’s Profit Lower Than Expected

Albertson’s Inc. said its profit from operations rose 8.8% in its fiscal second quarter to $236 million, or 56 cents a share, 2 cents lower than analyst estimates, because of delays and certain expenses related to its acquisition of American Stores Co., which was completed June 23. However, the Boise, Idaho-based supermarket operator said it’s already seeing cost efficiencies from the acquisition of American Stores, whose chains include Sav-on drugstores and Lucky supermarkets. Overall sales rose 4.9% to $9.38 billion, while sales at stores open at least a year grew 1.5%. Albertson’s included the results of American Stores as if the companies were combined a year ago. Albertson’s took longer than expected to complete the acquisition and had to divest about 40 more stores than it planned to in order to get regulatory approval, analysts said. Albertson’s shares closed down $1.50 at $47.94 on the New York Stock Exchange.