Albertsons registers earnings results for 2002

Oct. 1, 2003
Albertsons Inc, the Boise ID-based food and drug retailer, has announced fourth-quarter and total-year-2002 results. Reported net earnings for fiscal

Albertsons Inc, the Boise ID-based food and drug retailer, has announced fourth-quarter and total-year-2002 results.

Reported net earnings for fiscal year 2002 increased 15.6% to $579 million before the effect of an accounting change, versus $501 million on the same basis in the year before. For the quarter, reported net earnings totaled $205 million versus $290 million in 2001's fourth quarter. Reported net earnings, including the accounting change and one-time items, totaled $485 million for the year, 3% lower than the $501 million in the year earlier on the same basis.

Sales for the year totaled $35.6 billion, 2.7% lower than the prior year, reflecting the impact of the company's planned restructuring program. During the year, Albertsons completed the sale or closure of 226 unprofitable or non-strategic stores. Since the firm began its major restructuring program in April 2001, it has closed or sold 441 unprofitable or non-strategic stores. Quarterly sales totaled $9.1 billion versus $9.3 billion in 2001's fourth quarter.

Voice your opinion!

To join the conversation, and become an exclusive member of FleetOwner, create an account today!

Sponsored Recommendations

Downtime is expensive. This guide shows you how to keep your eet running, reduce repair surprises, and protect your margins—because when your trucks aren’t moving, you’re not...
Learn how fast oil changes can optimize vehicle downtime for fleet owners. Improve revenue and employee productivity while ensuring customer satisfaction with efficient maintenance...
Unlock proven strategies to streamline operations, lead your team, and keep your eet moving forward – all in one guide.
Commercial fleets bear a heavy burden from economic uncertainty, operational costs, and litigation risks. In-cabin video technology offers opportunities to reduce fleet expenses...