PORTLAND, Ore. -- Fred Meyer Inc. here is working to recover market share after the grueling 87-day strike in this area, and its third-quarter earnings will reflect the long standoff.
inue its existing program for new store construction and store remodels.
While the company is taking its markdowns and strike-related costs in the third quarter, "Longer term, we feel the settlements reached will allow us to achieve our corporate goals," Miller said.
The strike will result in an estimated 1994 third-quarter earnings per share loss of between 90 cents and 95 cents. In addition, the company, which previously said it would not expand further in northern California, has decided to exit the market completely. It will sell off its one store, a 190,000-square-foot unit in Chico, as well as three land parcels. A sale hasn't yet been arranged, Ken Thrasher, senior vice president of finance, told SN. The company will take a one-time pretax write-off of about $16 million, or 35 cents a share, as a result of its decision to exit the northern California market. As a result, the company expects to report a total third-quarter loss of between $1.25 and $1.30 a share.
