Exhibit 99.1


November 12, 1998

FOR IMMEDIATE RELEASE


                  Albertson's, Inc. and American Stores Company
                           Stockholders Approve Merger

         Albertson's,   Inc.  (NYSE:ABS)  announced  that  in  separate  special
stockholders'  meetings held today,  stockholders  of  Albertson's  and American
Stores Company  (NYSE:ASC)  approved the previously  announced merger of the two
retail food and drug companies.

         At the  Albertson's  stockholders'  meeting  held in  Boise,  Idaho,  a
majority of the stockholders  present in person or by proxy voted to approve the
issuance of shares of Albertson's  Common Stock pursuant to the merger agreement
with American  Stores Company at an exchange ratio of 0.63 shares of Albertson's
Common Stock for each  outstanding  share of American  Stores Common  Stock.  In
addition,  the stockholders also voted to approve  amendments to the Albertson's
Stock-Based Incentive Plan.

         As  announced  earlier  today,  in a  separate  meeting,  holders  of a
majority of the  outstanding  shares of American  Stores  Common  Stock voted to
approve and adopt the merger agreement and approve the merger.

         Gary G. Michael,  chairman and chief executive  officer of Albertson's,
said,  "This  transaction is a defining  milestone in our continuing  program to
accelerate revenue growth, increase profitability and enhance stockholder value.
It also provides for the strategic combination of two outstanding companies with
complementary  strengths and common values. With the favorable stockholder votes
we continue to expect to complete this transaction in early 1999."

         The merger,  first  announced  on August 3, 1998,  is still  subject to
certain  conditions  including  regulatory  approval.  The  combination has been
structured to be a tax-free transaction and is expected to be accounted for as a
pooling of interests.

         Albertson's,  Inc. is one of the largest retail food-drug chains in the
United States.  Based in Boise, Idaho, the Company currently operates 971 retail
stores in 25 Western, Midwestern and Southern states.

         This press release  contains certain  forward-looking  statements about
the  ability  of the  Company  and  American  Stores  to  obtain  the  necessary
regulatory  approvals and satisfy the other  conditions to closing of the merger
transaction  and  with  respect  to  the  future  performance  of  the  combined
companies. These statements are based on management's assumptions and beliefs in
light of the  information  currently  available  to it. The  Company  assumes no
obligation to update the information  contained  herein.  These  forward-looking
statements  are  subject to  uncertainties  and other  factors  that could cause
actual results to differ  materially  from such  statements  including,  but not
limited  to, the  inability  of the Company  and  American  Stores to obtain the
required  regulatory  approvals on terms  acceptable to them;  material  adverse
changes in the  business  or  financial  condition  of either  company  prior to
closing;  and other factors  affecting the respective  businesses of the Company
and  American  Stores  which are  described  in the Joint  Proxy  Statement  and
Prospectus  and their  respective  Forms  10-Q  filed  with the  Securities  and
Exchange Commission.


                                              * * * * * * * * * *
CONTACT:

      Albertson's, Inc.
      Boise, Idaho
      Investor Relations
         A. Craig Olson             208/395-6284
         Renee Bergquist            208/395-6622
      News Media                    208/395-6392
         Mike Read
         Jenny Enochson