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.
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.
Online sales more than tripled.