Meanwhile, during its Q3, which ended Nov. 3, the grocer's earnings fell from the same year-ago period to $81 million from $114 million. Without damages incurred from the quarter's three hurricanes, earnings would have fallen at $91 million. Year-over-year same-store sales were also down, falling 0.4%.
Rising fuel prices were cited as a challenge to the company during the period, as well as competition, executives say. "We continue to feel strong competitive pressure when we don't have a number one or strong number two market share position," Johnston says.
So far this year Albertsons has recorded $284 million in earnings, compared to $249 million in 2004. Year-to-date same-store sales are up 0.6%, while total sales have hit $30.1 billion, up from $28.8 billion.
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