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Albertson's

4Q, FY 2004

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Albertson’s Inc. (Boise, Idaho) reported a 44 percent increase in net earning for its fourth quarter ended Feb. 3, 2005.

The food retailer said earnings during the quarter were positively impacted by the additions of Shaw’s and Bristol Farms, but were negatively due to costs associated with the Florida hurricanes.

Fourth quarter sales grew 29 percent, primarily due to the acquisition of Shaw’s and the progress in recovery from the labor dispute in Southern California. Same-store sales grew 5.3 percent.

For fiscal 2004, the company reported earnings were down 15 percent.

“We were not pleased with the performance we turned in during the fourth quarter,”. said chairman, ceo and president Larry Johnston. “Although market and competitive conditions were more challenging than originally forecast, requiring deeper investments than anticipated, especially in the Southern California and Dallas/Ft. Worth markets, in the end we missed our earnings targets and that is unacceptable. Going forward each member of the leadership team knows that we must execute better and deliver on our commitments. I am however, encouraged that our team made many major strides during the quarter and in fiscal 2004. Notable among those many accomplishments, we regained our market share after a painful labor dispute in Southern California. This coupled with a new labor contract in the region positions our company for success in 2005 and beyond in America’s largest retail marketplace. In addition, we were able to add premier companies in Shaw’s and Bristol Farms to our portfolio during the year as well as introduce an all new price impact format through Extreme Inc. With these new banners and formats in our toolbox, we are now better positioned to differentiate our approach in local markets and more effectively compete in this challenging industry moving forward.”

During 2004, the company continued its capital expenditure program, opening a total of 59 new stores, completing 186 remodels and implementing nearly 200 technology projects. Nine of the store openings and 45 remodels were completed in the fourth quarter.

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