Albertsons Profits Top Estimates in First Quarter Since End of Kroger Merger

Core Insights - Albertsons reported better-than-expected third-quarter earnings with a net income of $400.6 million, surpassing both last year's$361.4 million and analysts' expectations of $318.1 million [2] - Revenue for the quarter was$18.77 billion, slightly below the analyst consensus of $18.8 billion but up from$18.56 billion a year ago [2] - The company slightly raised its fiscal 2024 adjusted EPS outlook to a range of $2.25 to$2.31, while lowering the top end of its same-store sales growth projection to 1.8% to 2% [2] Financial Performance - Net income increased to $400.6 million from$361.4 million year-over-year [2] - Revenue was reported at $18.77 billion, compared to$18.56 billion the previous year [2] - Analysts had expected a revenue of $18.8 billion, indicating a slight miss [2] Merger and Legal Developments - This quarterly report is the first since the proposed merger with Kroger was called off due to legal rulings against the deal [3] - Albertsons has filed a lawsuit against Kroger, alleging that Kroger did not take sufficient actions to secure merger approval [4] - Both companies have resumed their stock buyback programs after pausing them during the merger approval process [4]