Albertsons Cos. Q3 Results Top Estimates

RTTNews | 677 dagar sedan

(RTTNews) - Food and drug retailer Albertsons Companies, Inc. (ACI), which has agreed to a merger with Kroger, reported Tuesday that profit for the third quarter plunged from last year, hurt by a special dividend payment related to the Kroger. However, both adjusted earnings per share and quarterly revenues topped analysts' estimates.

"Our investments in digital transformation, differentiation in Own Brands and Fresh offerings, and the modernization of our operational capabilities contributed to these results," said Vivek Sankaran, CEO.

For the third quarter, net income plunged to $375.5 million or $0.20 per Class A common share from $424.5 million or $0.74 per Class A common share in the prior-year quarter.

Results for the latest quarter included a $0.45 per share reduction related to the Special Dividend that is attributable to holders of convertible preferred stock on an as-converted basis.

Excluding items, adjusted net income was $0.87 per Class A common share, compared to $0.79 per Class A common share in the year-ago quarter.

On average, 16 analysts polled by Thomson Reuters expected the company to report earnings of $0.67 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales and other revenue increased to $18.15 billion from $16.73 billion in the same quarter last year, primarily driven by a 7.9 percent increase in identical sales and higher fuel sales. Analysts expected revenues of $17.64 billion for the quarter.

Other expense, net was $1.7 million during the third quarter of fiscal 2022, compared to other income, net of $38.3 million during the third quarter of fiscal 2021.

Income tax expense for the quarter increased to $120.9 million from $98.4 million in the year-ago quarter.

Looking ahead, the company said its ongoing productivity engine is expected to continue to support its investments and partially offset anticipated inflationary cost increases, declines in COVID-19 vaccination and at-home test kit revenue, and macro-consumer headwinds.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com

Taggar: ACI

Kroger Now Plans To Cut Grocery Prices By $1 Bln Upon Albertsons Merger

Supermarket chain Kroger Co., amid the ongoing regulatory hurdles in its proposed $25 billion merger with Albertsons Cos., now plans to cut grocery prices by $1 billion, upon the closure of the deal, Bloomberg reported. This is double the $500 million cut in prices the company announced, while the merger deal was revealed in 2022. The supermarkets also plan to spend $1 billion to increase...

RTTNews | 93 dagar sedan

FTC, States Sue To Block Kroger's $24.6 Bln Albertsons Deal

The Federal Trade Commission or FTC along with a group of nine attorneys general have filed a lawsuit to block Kroger Co.'s proposed $24.6 billion acquisition of the Albertsons Companies, Inc., alleging that the deal is anticompetitive. In the move, FTC alleges that the planned merger, which would be the largest among supermarkets in U.S. history, will eliminate competition and raise grocery

RTTNews | 264 dagar sedan

More Products With Cheese From Rizo Lopez Recalled Over Listeria Concern

Amid the ongoing Listeria monocytogenes outbreak, more and more products containing tainted cheese and other ingredients supplied by Rizo Lopez Foods Inc. are being recalled, according to the U.S. Food and Drug Administration. Fresh Creative Foods, a division of Reser's Fine Foods, Inc., has called back certain products, and Simply Fresh LLC. has recalled Rojo's Black Bean 6 Layer Dip.

RTTNews | 283 dagar sedan

Kroger Says Will Work Cooperatively With The FTC On Second Request On Albertsons Merger

The Kroger Co. (KR) said on Tuesday it has received a request for additional information (second request) from the Federal Trade Commission or FTC as part of the regulatory review process for its merger with Albertsons Companies, Inc. (ACI).

RTTNews | 712 dagar sedan

Albertsons Cos. Q2 Results Top Estimates

Food and drug retailer Albertsons Companies, Inc. (ACI) reported Tuesday that net income for the second quarter grew to $342.7 million or $0.59 per Class A common share from $295.2 million or $0.52 per Class A common share in the prior-year quarter.

RTTNews | 761 dagar sedan

Canadian Market Settles Lower; TSX Sheds 0.6%

The Canadian market ended notably lower on Friday, weighed down by losses in energy, industrials and materials sectors, and on uncertainty about Federal Reserve's interest rate trajectory.

RTTNews | 1 dag sedan

Dollar Turns In Mixed Performance Against Major Counterparts

The U.S. dollar turned in a sluggish performance on Friday with investors assessing the Federal Reserve's likely moves with regard to interest rate reductions in the wake of most recent economic data, and Fed Chair Jerome Powell's somewhat hawkish comments.

RTTNews | 1 dag sedan

Canadian Shares Notably Lower

The Canadian market is down in negative territory Friday afternoon with stocks from several sectors reeling under sustained selling pressure amid uncertainty about U.S. interest rate cuts after dovish comments from Fed Chair Jerome Powell.

RTTNews | 2 dagar sedan

EURUSD	1.05265	GBPUSD	1.26077	AUDUSD	0.6456
USDJPY	154.322	USDCAD	1.40888	USDCHF	0.8882