By Russell Redman
Source: Supermarket News
Albertsons Cos. topped Wall Street’s earnings forecast for its 2021 fourth quarter and fiscal year as the grocery retailer saw net sales climb in both periods atop prior-year gains.
Also on Tuesday, President and Chief Financial Officer Sharon McCollam commented on Albertsons’ planned strategic review, announced in late February, telling analysts that the company thinks it’s undervalued versus competitors.
For the 12 weeks ended Feb. 26, net sales and other revenue totaled $17.38 billion, up 10.2% from $15.77 billion a year earlier, when the top line rose 2.2%, Albertsons said. The Boise, Idaho-based grocer attributed the uptick to 7.5% growth excluding fuel in identical sales and higher fuel sales, with retail price inflation contributing to the ID sales gain.