Albertson’s registers earnings results for 2002

March 19, 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, Albertson’s 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.

About the Author

staff and wire reports

Voice your opinion!

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

Sponsored Recommendations

Route Optimization Mastery: Unleash Your Fleet's Potential

Master the road ahead and discover key considerations to elevate your delivery performance

Leveraging telematics to get the most from insurance

Fleet owners are quickly adopting telematics as part of their risk mitigation strategy. Here’s why.

Reliable EV Charging Solution for Last-Mile Delivery Fleets

Selecting the right EV charging infrastructure and the right partner to best solve your needs are critical. Learn which solution PepsiCo is choosing to power their fleet and help...

Overcoming Common Roadblocks Associated with Fleet Electrification at Scale

Fleets in the United States, are increasingly transitioning from internal combustion engine vehicles to electric vehicles. While this shift presents challenges, there are strategies...