Hurricanes dampen profit for grocery chain

Thursday, Dec. 2, 2004 | 11:09 a.m.

BOISE, Idaho -- Albertsons Inc., the huge food and drug retailer, reported its profit surged 19.5 percent in the third quarter despite the adverse impact on its operations from four hurricanes that hit Florida and other states this past summer,

The company whose stores include Albertson's, Jewell and Osco Drugs said today it earned $110 million, or 29 cents a share in the August-October period compared with $92 million, 25 cents a share, a year ago.

Sales rose to nearly $10 billion from $8.7 billion in sales a year earlier.

Wall Street analysts surveyed by Thomson First Call had anticipated 33 cents a share in earnings.

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