Albertson’s 2Q Profit Smaller Than Expected
Boise, Idaho, Albertson’s Inc., which recently put itself on the selling block, posted a smaller-than-expected 3% gain in quarterly profit and said it would sell some property to cash in on the U.S. real estate boom.
Net profit rose to $107 million, or 29? a share, in the second quarter ended Aug. 4, vs. $104 million, or 28? a share, a year earlier. Total sales inched up to $10.2 billion from $10.17 billion a year ago. Same-store sales were down by 0.1%.
Albertson’s said capital spending would be between $1 billion and $1.1 billion this year, or $300 million less than it had originally expected, as it focuses on a smaller number of markets.