SMART & FINAL EARNINGS FALL AFTER EXPANSION

LOS ANGELES -- Expressing frank disappointment with its 1997 performance in its annual report, Smart & Final here outlined its plans to turn earnings around this year. Earnings fell 73% last year, primarily due to problems in its Florida operations, the report noted."Our results reflect the fallout that can accompany aggressive market expansion," Robert J. Emmons, chairman and chief executive officer

LOS ANGELES -- Expressing frank disappointment with its 1997 performance in its annual report, Smart & Final here outlined its plans to turn earnings around this year. Earnings fell 73% last year, primarily due to problems in its Florida operations, the report noted.

"Our results reflect the fallout that can accompany aggressive market expansion," Robert J. Emmons, chairman and chief executive officer since earlier this year, wrote in the report. "While we are disappointed in our

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