SALT LAKE CITY -- American Stores Co. here reported sales and earnings gains in the third quarter and 39 weeks ended Nov. 2.
. Sales for American's food store operations increased 2.9% to $3.3 billion, with same-store sales up 2.7%. Drugstore sales jumped 9% to $1.25 billion, with same-store sales up 6.3%.
For the 39-week period, total sales climbed 4.2% to $13.8 billion compared to $13.2 billion a year ago. Same-store sales rose 3.6%. Year-to-date sales for the food store operations were $9.98 billion, a 3.3% jump from $9.66 billion a year ago. Drugstore sales climbed 6.1% to $3.8 billion.
Net income in the quarter rose 12.3% to $75.8 million from $67.45 million the year before. Net earnings in the 39 weeks climbed 14.3% to $223.1 million from $195.3 million.
"Our excellent sales and earnings clearly demonstrate the effectiveness of our local marketing efforts, our centralized Delta processes and our aggressive capital spending programs," according to Victor L. Lund, chairman and chief executive officer. "We are not sacrificing profits in attaining our strong sales gains."
