Albertson’s Lists Profit After Cost Cutting

Albertson’s Inc. had a profit in its fiscal second quarter, contrasting with a loss a year ago, after the No. 2 U.S. supermarket company shut stores to reduce costs in an attempt to compete with Wal-Mart Stores Inc. and rival grocers.

Net income in the second quarter ended Aug. 1 was $253 million, or 62 cents a share, contrasted with a loss of $151 million, or 37 cents, a year earlier, the operator of Acme supermarkets and Osco drugstores said. Sales fell 3.2% to $8.94 billion.

The Boise, Idaho-based retailer’s shares rose 88 cents to $25.84 on the NYSE.