Albertsons Companies topped Wall Street expectations for quarterly profit and revenue on Tuesday, on the back of steady demand for groceries and pocket-friendly private label brands.
A screen displays the company logo for Albertsons Cos Inc. on the floor of the New York Stock Exchange in New York City, U.S., October 14, 2022. REUTERS/Brendan McDermid/File Phototopped Wall Street expectations for quarterly profit and revenue on Tuesday, on the back of steady demand for groceries and pocket-friendly private label brands., as they look for cheaper options amid a cost of living crisis.
Albertsons has also bolstered its loyalty program, which has been drawing customers to its stores despite the grocer's relatively higher pricing when compared to retail bellwether Walmart However, gross margins declined 91 basis points to 27.7% compared with 28.1% a year earlier, due to delivery and warehouse costs and rise in store thefts, the company said.
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