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Albertsons sees near 16% jump in fiscal 2020 same-store sales

Credit: REUTERS/Fred Prouser

Albertsons Cos Inc on Tuesday forecast fiscal 2020 same-store sales to grow by at least 15.5% after beating estimates for quarterly sales, as the U.S. grocer benefited from consumers shopping for daily essentials during the COVID-19 lockdown.

Oct 20 (Reuters) - Albertsons Cos Inc ACI.N on Tuesday forecast fiscal 2020 same-store sales to grow by at least 15.5% after beating estimates for quarterly sales, as the U.S. grocer benefited from consumers shopping for daily essentials during the COVID-19 lockdown.

Net sales and other revenue rose to $15.76 billion for the second quarter ended Sept. 12, from $14.18 billion a year earlier, beating Wall Street expectations of about $15.60 billion, according to IBES data from Refinitiv.

Albertsons' net income fell to $284.5 million, or 49 cents per share, from $294.8 million, or 51 cents per share, last year.

(Reporting by Praveen Paramasivam in Bengaluru, Editing by Sherry Jacob-Phillips)

((Praveen.Paramasivam@thomsonreuters.com;))

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