American Stores Co. Tuesday reported third quarter earnings of 46 cents per share, down from 69 cents in the same period last year.

Earnings for the first 39 weeks were $1.33 per share, down from $1.51 for the 1994 period.The company said the 1994 results for both periods were increased by 27 cents per share due to the gain on the sale of the Star Market operation.

Total sales from continuing operations increased 2.4 percent to $4.361 billion in the third quarter, while sales including stores open at least one year, rose 0.74 percent in the quarter and 0.87 percent for the year-to-date.

As in recent quarters, operating profit in the third quarter includes the costs of American Stores Co.'s re-engineering efforts, known as the "Delta" project, as well as a loss associated with the start-up price impact operation Super Saver.

Through the third quarter, Salt Lake-based American Stores has repurchased 2.4 million shares of its common stock at an average price of $29.03.

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At the end of the quarter, outstanding debt totaled $2.2 billion.

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