Albertson’s Posts Loss on Store Closing Costs
Albertson’s Inc. had a fiscal first-quarter loss after the second-largest U.S. supermarket chain spent $454 million to close 157 stores and gas stations and added promotions to compete with rivals including Wal-Mart Stores Inc.
The loss in the period ended May 2 was $81 million, or 20 cents a share, compared with net income of $186 million, or 46 cents, a year earlier, Albertson’s said in a statement. Full-year profit, excluding restructuring and other costs, will be $2.31 a share. The previous projection was $2.28.
Sales in stores open at least a year rose 1.4% as Albertson’s lowered prices to compete with Wal-Mart and bigger U.S. supermarket chain Kroger Co.
Albertson’s shares fell 43 cents to $33.86 in NYSE trading.
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