Albertson’s Net Income Rises 9.1%
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Albertson’s Inc.’s third-quarter earnings rose 9.1% as the supermarket chain closed stores and cut prices to win back shoppers from discount retailers such as Wal-Mart Stores Inc.
Net income rose to $192 million, or 48 cents a share, the company said. Sales fell 4.2% to $8.66 billion.
Chief Executive Lawrence Johnston is boosting promotions and dropping prices to try to keep customers from defecting to discounters, after lowering costs by closing 340 stores since July 2001.
Shares of Boise, Idaho-based Albertson’s fell 13 cents to $21.99 on the New York Stock Exchange.
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