Albertsons shares rise after sales surge

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Albertsons shares rise after sales surge

- Albertsons shares rose after the company posted a surprise gain in a key sales metric and raised its profit outlook.

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Same-store sales rose 1.5% during the second quarter of the supermarket chain reported earnings, on Monday as it reported earnings, bucking Wall Street s expectations for a 1.9% decrease. Adjusted earnings for the fiscal year will be as much as $2.60 a share, up 30 cents from the previous forecast

Albertsons is benefiting from buoyant consumer spending as customers continue to spend much of their food budget on home-cooked meals, Chief Executive Officer Vivek Sankaran said in an interview. The company is also coaxing shoppers to spend a little more at its stores compared with those of its rivals, he said.

Consumers are eating a lot more at home, we see those patterns seem to be sticking, he said. The second part of it is market share growth. One metric that I feel excited about is our market share gains. Albertsons led 5.4% to $30.10 ahead of regular trading in New York City. This year the shares went up 62% six times the gains of an S&P index composed of five other sellers of food and staples, this year by Oct. 15.

In Albertsons, adjusted earnings rose in the three quarters ending Sept. 11, to 64 cents a share compared with the 46-cent average of analyst estimates compiled by Bloomberg. Sales increased 4.7% to $16.5 billion. The Boise, Idaho-based retailer raised its quarterly dividend to 12 cents a share from 10 cents.

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