Albertsons Says Comps Are Up 27% in First Report Since Its IPO
Grocery store operator Albertsons Companies (NYSE: ACI) made its public debut after an $800 million initial public offering (IPO) on June 26, 2020. In its first quarterly earnings report since the IPO, the company said comparable-store sales increased 26.5% versus the year-ago period, including a 276% jump in digital sales. Rival Kroger (NYSE: KR) had said in its first-quarter report that its digital sales increased 92%, with comps increasing 19%.
Pandemic-related demand led Albertsons to minimize promotional activity during most of its first quarter, the company said, before accelerating promotions again beginning in late May. This helped increase its first-quarter gross profit margins to 29.8%.
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Source Fool.com
