Albertsons Q2 Profit Down, Adj. Earnings Beat View

(RTTNews) - Food and drug retailer Albertsons Companies, Inc. (ACI) reported Tuesday that its second-quarter net income was $266.9 million or $0.46 per share, down from $342.7 million or $0.59 per share last year.

Adjusted net income was $367.7 million or $0.63 per share, compared to $418.3 million or $0.72 per share last year.

On average, 14 analysts polled by Thomson Reuters expected earnings of $0.56 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales and other revenue was $18.3 billion, compared to $17.9 billion last year. The Street was looking for revenues of $18.28 billion for the quarter.

The increase was driven by the company's 2.9 percent increase in identical sales, with strong growth in pharmacy sales, a 19 percent increase in digital sales, and retail price inflation across most categories.

In pre-market activity on the NYSE, Albertsons shares were trading at $22.04, down 2.04 percent.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.