Storms, flat sales batter Albertson's in 3Q

Albertson’s Inc reported financial results for its fiscal third quarter ended Nov 3, 2005.

The Boise ID-based food retailer's third quarter earnings from continuing operations totaled $81 million. However, when adjusted for impact of the three hurricanes that hit Louisiana, Texas, and Florida during the quarter, these earnings totaled $91 million. In 2004’s third quarter, earnings from continuing operations totaled $107 million. After adjustment for the four 2004 hurricanes that hit Florida, these earnings totaled $117 million.

During the third quarter, total sales were $9.9 billion, essentially flat with 2004’s third quarter revenue.

Reported net earnings year-to-date reached $284 million, versus $249 million in the prior year. Net earnings from continuing operations for fiscal year 2005 year-to-date grew to $298 million, in contrast to $288 million in the same period a year earlier.

Total sales year-to-date reached $30.1 billion versus $28.8 billion in 2004.