Albertsons Cos. Q2 Results Top Estimates

RTTNews | 943 days ago
Albertsons Cos. Q2 Results Top Estimates

(RTTNews) - 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.

Excluding items, adjusted net income was $0.72 per Class A common share, compared to $0.64 per Class A common share in the year-ago quarter.

Net sales and other revenue increased to $17.92 billion from $16.51 billion in the same quarter last year, primarily driven by the Company's 7.4% increase in identical sales and higher fuel sales.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share on net sales of $17.72 billion for the quarter. Analysts' estimates typically exclude special items.

As part of the agreed merger with Kroger, the Company will pay a special cash dividend of up to $4 billion to its stockholders. The cash component of the $34.10 per share consideration will be reduced by the per share amount of the special cash dividend, which is expected to be approximately $6.85 per share. This cash dividend will be payable on November 7, 2022, to stockholders of record as of the close of business on October 24, 2022.

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

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

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 | 276 days ago
FTC, States Sue To Block Kroger's $24.6 Bln Albertsons Deal

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 | 447 days ago
More Products With Cheese From Rizo Lopez Recalled Over Listeria Concern

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 | 466 days ago
Albertsons Cos. Q3 Results Top Estimates

Albertsons Cos. Q3 Results Top Estimates

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.
RTTNews | 859 days ago
China Industrial Output Growth Tops Expectations; Retail Sales Disappoint

China Industrial Output Growth Tops Expectations; Retail Sales Disappoint

China's industrial production increased more than expected in April despite trade tariff hikes and the unemployment rate dropped marginally but growth in retail sales fell short of expectations signalling weaker domestic demand, official data revealed on Monday. Industrial output logged an annual growth of 6.1 percent in April after rising 7.7 percent in March.
RTTNews | 1h 2min ago
Thai Downgrades GDP Growth Outlook

Thai Downgrades GDP Growth Outlook

Thailand's economy is projected to expand less than the previous estimate this year as trade tariffs are likely to dampen exports in the second half of the year, the National Economic and Social Development Council said Monday. Southeast Asia's second largest economy is forecast to grow in the range of 1.3 percent to 2.3 percent this year. This was down from the previous outlook of 2.3 percent-
RTTNews | 2h 36min ago