From Associated Press
BOISE, Idaho — The Southern California labor dispute that ended in early March contributed to a 79 percent drop in Albertsons Inc.’s first quarter earnings, but the retailer said today its business has been improving since then.
The nation’s second-largest food and drug retailer reported net income of $36 million, or 10 cents per share, on revenues of $8.7 billion for the quarter. That compared to a profit of $172 million, or 47 cents a share, on sales of $8.9 billion a year earlier.
[T]he impact of the strike during the first quarter was initially anticipated at 32 cents a share, and chairman Larry Johnston credited an aggressive marketing campaign that cost $70 million in incentives and other promotions during the quarter for blunting the effect.
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