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Albertson's Confirms Commitment to Florida

Boise, Idaho - Albertson's Inc. today confirmed its commitment to the state of Florida, saying it plans to invest $125 million in the state next year. The company invested $100 million throughout the state in new store construction and remodels in 2001.

"We are here to stay," said Larry Johnston, Albertson's CEO and chairman of the board. "Florida is one of Albertson's key strategic markets for the future."

Albertson's confirmed that it will close three Miami-area store locations this week in connection with the company's previous announcement to close 165 underperforming stores.

Reflecting on recent media and analyst speculation that the company will leave the state of Florida, Johnston continued, "In 2001 and 2002, Albertson's will invest a quarter of a billion dollars in new stores and remodels in Florida. This is an attractive profitable market for us and one that we define as high growth. Florida is one of our strategic markets of choice."

"There will always be stores or markets that do not build shareowner value," Johnston said. "Albertson's is intent on building shareowner value by eliminating underperforming assets. The three stores we are closing in Miami fit that profile; however, these closures have no bearing on our unwavering commitment to the future of Albertson's in Florida."
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