Albertson’s Net Income Falls 29%
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Albertson’s Inc.’s fourth-quarter earnings fell 29% as the supermarket chain closed stores and cut prices to compete with discount retailers such as Wal-Mart Stores Inc.
Net income dropped to $205 million, or 54 cents a share, the company said. Sales fell 2.5% to $9.11 billion.
Sales at identical stores open at least a year fell 1.2% as beef and chicken prices were cut, Wal-Mart expanded in the company’s key markets and consumers spent less.
Shares of Boise, Idaho-based Albertson’s climbed $1.25 to $20 on the NYSE.
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