Albertsons' Stock Climbs On Q2 Earnings And Revenue Beat -- MarketWatch

MarketWatch · 10/15 12:51

Albertsons Cos. Inc. (ACI) shares are up 0.7% in premarket trades Tuesday after the grocery chain reported better-than expected second-quarter revenue and earnings. The Boise, Idaho-based company had net income of $145.5 million, or 25 cents a share, down from $266.9 million, or 46 cents a share, in the prior year's quarter. Excluding one-time items, Albertsons had earnings of 51 cents a share, above the FactSet consensus of 48 cents a share. Second-quarter revenue was $18.6 billion, up from $18.3 billion in the same period last year. Analysts surveyed by FactSet were looking for revenue of $18.5 billion. Same-store sales grew 2.5%, above the FactSet consensus of 1.4%. Digital sales grew 24%, while loyalty memberships increased 15% to 43 million. Gross margin was 27.6%, unchanged from the same period last year. As previously indicated by Albertsons, the company did not provide guidance and is not hosting a conference call to discuss the results, citing its planned $24.6 billion merger with Kroger Co. (KR).

-James Rogers

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October 15, 2024 08:51 ET (12:51 GMT)