The American supermarket chain Albertsons Cos. Inc. has withdrawn its financial guidance for 2026 and announced a review of its business strategy aimed at cutting costs and boosting sluggish sales.
According to the company’s press release, revenue for the second financial quarter, which ended on 12 September, fell by 0.1 per cent to $18.89 billion. Like-for-like sales declined by 0.8 per cent.
The company’s net profit fell to $51.5 million, or 11 cents per share, compared with $168.5 million, or 30 cents per share, for the same period last year. Earnings excluding one-off items fell to 36 cents from 44 cents per share.
According to LSEG, analysts had forecast, on average, adjusted earnings of 33 pence per share.
The strategy review complements the restructuring announced in July. It is expected to be completed in the fourth financial quarter, which ends in February 2027. By that time, Albertsons also plans to present updated short-term and long-term financial targets alongside its Comprehensive Business Recovery Plan.
“We are not satisfied with the results and the current trajectory of our business,” said the company’s Chief Executive, Susan Morris.
Albertsons’ market capitalisation has fallen by more than 33 per cent over the past 12 months (to $6.1 billion), whilst the S&P 500 index has risen by 17.4 per cent.