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US grocer Albertsons cuts annual sales, profit forecasts; shares drop 20%
The grocer said softer demand and heavier value investments will pressure earnings as it shifts to four regional units and centralizes merchandising.
Summary by WTVB
9 Articles
9 Articles
US grocer Albertsons cuts annual sales, profit forecasts; shares drop 20%
July 23 (Reuters) - Albertsons cut its annual identical sales and profit forecasts on Thursday, as U.S. grocers navigate cautious spending by consumers struggling with higher gas and food prices, sending its shares plunging 20% in premarket trading. ...
Albertsons shares head for worst day as consumer caution fuels forecast cuts
Albertsons shares slumped as much as 24.5% on Thursday, on pace for their worst day, after the grocer cut its annual core sales and profit forecasts while accelerating investments in prices to better compete for cash-strapped shoppers.
Coverage Details
Total News Sources9
Leaning Left3Leaning Right2Center1Last Updated50% Left
Bias Distribution
- 50% of the sources lean Left
50% Left
L 50%
C 17%
R 33%
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