Supermarket chain Albertsons (NYSE: ACI) saw revenue jump 11% to $ 15.76 billion in the second quarter as the coronavirus pandemic continues consumers out of restaurants and in their own kitchens preparing dinner.
the recently public grocer said comparable store sales climbed 13.8% and its digital sales increased 243% from the previous year. Analysts expected Albertsons to generate $ 15.6 billion in revenue.
Express path to growth
With more than 2,250 supermarkets in 34 states operating under various banners including Albertsons, Acme and Safeway, Albertsons is the second largest pure grocery specialist behind Kroger, which operates more than 2,750 stores.
The channel continues to see the investments he made in its digital platform is bearing fruit, helped by increased demand driven by the COVID-19 epidemic. Albertsons’ momentum hasn’t really slowed since the first quarter, when sales rose 21% on a 26% increase in lineups while digital sales jumped 271%.
As the supermarket giant’s shares rally this morning, the shares are still slightly below the $ 16 offer price from its June IPO. The stock is trading at a fraction of its sales and earnings growth rate, although Albertsons’ annual earnings forecast of $ 2.75 to $ 2.85 per share is well ahead of the consensus estimate. of $ 2.23 per Wall Street share.
Albertsons is however confident in his financial stability, as he recently said he start paying a quarterly dividend of $ 0.10 per share as of the third quarter.
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