DE4CC0DE-5FC3-4494-BCBF-4D50B00366B5

Grocer Albertsons Posts Quarterly Sales Above Estimates

By Dayeeta Das
Share this article
Grocer Albertsons Posts Quarterly Sales Above Estimates

Albertsons Cos Inc raised its annual forecast for earnings and beat quarterly estimates for sales, as rising number of coronavirus cases push more consumers to cook their meals at home.

Shares of the US grocery retailer rose about 4% before the opening bell.

The company, which also owns Vons and Safeway supermarkets, forecast fiscal 2020 earning at between $3.05 and $3.15 per share, compared with its prior projection of $2.75 to $2.85.

E-Commerce

Several grocery retailers across the United States have ramped up their e-commerce platforms, from online ordering to flexible delivery options, as consumers change the way they shop as they stay away from large crowds and gatherings.

The company's net sales and other revenue rose 9.3% to $15.41 billion in the third quarter ended 5 December, compared with estimates of $15.34 billion, according to IBES data from Refinitiv.

ADVERTISEMENT

Online sales more than tripled.

News by Reuters, edited by ESM. Click subscribe to sign up to ESM: European Supermarket Magazine.

Get the week's top grocery retail news

The most important stories from European grocery retail direct to your inbox every Thursday

Processing your request...

Thanks! please check your email to confirm your subscription.

By signing up you are agreeing to our terms & conditions and privacy policy. You can unsubscribe at any time.