Albertson’s 4th-Quarter Profit Falls 17%

Albertson’s Inc. said its fourth-quarter operating profit fell a less-than-expected 17% but warned that first-quarter earnings will miss forecasts. The supermarket operator said profit fell to $246 million, or 60 cents a share, excluding merger-related costs of $26 million, from a year ago, as sales fell 3.6% to $9.54 billion. Analysts on average were expecting 50 cents in the latest quarter, according to First Call/Thomson Financial. The company said results were boosted by lower inventories and improved distribution and store operation in California, which partially offset lower total sales. Boise, Idaho-based Albertson’s said it now expects earnings of 45 cents for the first quarter, rather than the 50 cents analysts were anticipating. Its shares fell $1.04 to close at $27.66 on the NYSE.