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Kroger Lowers Full-Year Identical Sales Growth Outlook Following Fiscal Second-Quarter Revenue Miss
US Markets

Kroger Lowers Full-Year Identical Sales Growth Outlook Following Fiscal Second-Quarter Revenue Miss

Kroger (KR) lowered its full-year identical sales growth outlook on Friday as the metric decelerated year over year in the fiscal second quarter and missed market estimates, while the supermarket chain's revenue fell short of expectations.The company now anticipates identical sales, excluding fuel, to increase by 0.2% to 0.8% for fiscal 2026, including a headwind of about 140 basis points from the Inflation Reduction Act. Kroger previously projected the metric to grow 1% to 2%, while the current consensus on FactSet is for a gain of 1.3%.The Inflation Reduction Act is a US law passed in 2022 that included measures to lower prescription drug costs for Medicare patients."The update reflects our first half results, together with pressures that remain in the balance of year in the opening weeks of the third quarter," Chief Financial Officer David Kennerley said during a conference call, according to a FactSet transcript.Identical sales without fuel rose 0.2% in the quarter ended Aug. 15, down from 3.4% the year before and below the Street's view of 0.8%. Overall revenue advanced to $34.62 billion from $33.94 billion, but missed the average analyst estimate of $34.64 billion."The top line was soft across the industry this quarter," Chief Executive Greg Foran said on the call. "We know that fuel over $4 has an impact on consumer spend."US retail gasoline prices averaged $4.2950 per gallon on Friday, compared with $4.1474 a week ago and $4.0116 a month prior, according to AAA motor club data that tracks fuel prices in the US.In a client note emailed last week, Oppenheimer said it expected Kroger's second-quarter identical sales to underperform amid a challenging grocery business environment, likely prompting a full-year outlook revision.The supermarket chain continues to expect adjusted earnings to be in a range of $5.10 to $5.30 per share for the ongoing fiscal year, while the Street is looking for $5.20. In the second quarter, adjusted EPS climbed to $1.09 from $1.04, surpassing the market's view for $1.06, buoyed by cost savings, robust pharmacy and fuel performance and improving e-commerce profitability, Kennerley said in the earnings release.Kroger expects identical sales without fuel to be "slightly better" in the third quarter than in the subsequent three-month period, "despite a lower sales outlook," Kennerley said on the call. The company sees additional sales headwinds in the fourth quarter, with the impact from the Inflation Reduction Act projected to rise to about 150 basis points as new high-cost drugs are added to the formulary, the CFO noted.Last month, retail giant Walmart (WMT) reported fiscal second-quarter US comparable sales growth that decelerated more than Wall Street expected amid a pharmacy-related headwind. In July, grocery chain Albertsons (ACI) lowered its fiscal 2026 earnings and identical sales outlook.Warehouse chain Costco (COST) is scheduled to release its latest financial results on Sept. 24.Price: $57.80, Change: $+0.84, Percent Change: +1.48%

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Kroger Could Miss Quarterly Identical Sales Views Amid Challenging Grocery Backdrop, Oppenheimer Says
US Markets

Kroger Could Miss Quarterly Identical Sales Views Amid Challenging Grocery Backdrop, Oppenheimer Says

Kroger's (KR) fiscal second-quarter identical sales are expected to underperform market estimates amid a challenging grocery business environment, likely prompting the company to revise its full-year outlook, Oppenheimer said Thursday.The supermarket chain is scheduled to report results Sept. 11.Oppenheimer projects flat identical sales, excluding fuel, for the second quarter, compared with Wall Street's estimate of 1.1% growth."We have continued to see weaker industry data points lately, with softer growth at other conventional players from Publix to [Albertsons (ACI)], driven in part by ongoing headwinds on the pharmacy and (Supplemental Nutrition Assistance Program) fronts and with a number of players citing a weaker consumer backdrop," Oppenheimer analysts, including Rupesh Parikh, said in a note to clients. "We also expect some adverse impact related to the Cyclospora outbreak."The brokerage projects Kroger's second-quarter earnings at $1.04 a share, versus the Street's $1.05 views, with the result likely driven by Oppenheimer's outlook for "stronger fuel profits," according to the note.The company is likely to trim guidance towards the lower end of its full-year outlook amid the tough grocery backdrop, continued pharmacy headwinds, and "still-elevated" diesel costs, the analysts said."We do not believe investors will be surprised by a (second-quarter) comp shortfall," the analysts wrote. "In addition, if management guides towards the lower end of the (full-year) range, we think this is largely already priced in."Kroger shares were up 1% in Thursday afternoon trade. The stock has lost 5.9% in value so far this year.In June, the company reiterated its fiscal 2026 outlook, including its expectations for identical sales growth, excluding fuel, of between 1% and 2%. Earlier this year, Kroger agreed to acquire food and pharmacy retailer Giant Eagle in a $1.65 billion deal."From here, we are focused on updated (full-year) guidance and more comprehensive details behind management's turnaround efforts, which we expect to hear more on at the company's investor day in late October," Oppenheimer said Thursday.Last month, Walmart's (WMT) fiscal second-quarter US comparable sales growth decelerated more than the Street expected amid a pharmacy-related headwind, while the retail giant issued a soft earnings outlook for the ongoing three-month period. Target (TGT) lifted its full-year outlook as tariff refunds helped double the retailer's fiscal second-quarter earnings year over year.Price: $58.89, Change: $+0.67, Percent Change: +1.15%

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Insider Trading

Albertsons Companies Insider Bought Shares Worth $449,938, According to a Recent SEC Filing

Susan Morris, Director, Chief Executive Officer, on July 28, 2026, executed a purchase for 39,409 shares in Albertsons Companies (ACI) for $449,938. Following the Form 4 filing with the SEC, Morris has control over a total of 1,092,956 Class A common shares of the company, with 1,092,956 shares held directly.SEC Filing:https://www.sec.gov/Archives/edgar/data/1646972/000162828026050831/xslF345X05/wk-form4_1785414764.xml

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Research

UBS Downgrades Albertsons Companies to Neutral From Buy, Adjusts PT to $12 From $20

Albertsons Companies (ACI) has an average rating of hold and mean price target of $14.50, according to analysts polled by FactSet.

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Research

Citigroup Downgrades Albertsons to Neutral From Buy, Lowers Price Target to $11 From $17

Albertsons (ACI) has an average rating of overweight and mean price target of $15.07, according to analysts polled by FactSet.

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Wire

Albertsons Q1 Miss Reflects Pressure on Grocery Sales, Pharmacy Growth, RBC Says

Albertsons (ACI) reported disappointing fiscal Q1 results amid weaker grocery sales and slowing pharmacy growth, RBC Capital Markets said Friday in a report.Core grocery sales likely will continue to decline, while pharmacy growth is expected to slow as Medicare coverage extends to some GLP-1 therapies and additional drugs enter the federal price-negotiation program in January, triggering required discounts and lower reimbursement over time, the report said.RBC reduced its estimates for identical-store sales in Q2 and fiscal years 2026 and 2027 and lowered its forecast for Q2 adjusted earnings before interest, taxes, depreciation and amortization to $766 million from $850 million."While the path forward remains murky, we believe Albertsons shares look very cheap and we'd argue the risk to reward skews significantly positive," the report said.RBC cut its price target on Albertsons stock to $13 from $20 and maintained its outperform rating.Price: $11.08, Change: $-0.20, Percent Change: -1.73%

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Research

Telsey Advisory Group Downgrades Albertsons to Market Perform From Outperform, Adjusts Price Target to $13 From $22

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Sectors

Sector Update: Consumer Stocks Decline Late Afternoon

Consumer stocks were lower late Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 4.7%.In corporate news, Tesla (TSLA) shares fell past 14% after it reported an unexpected year-over-year decline in Q2 earnings, weighed by higher operating expenses related to research and development and AI initiatives.Albertsons (ACI) shares tumbled 23% after the grocery chain lowered its fiscal 2026 earnings and identical sales outlook and reported weaker-than-expected Q1 profits.American Airlines (AAL) lowered its full-year earnings outlook on Thursday as higher fuel costs drove Q2 bottom-line lower year on year, adding to signs that rising fuel prices are weighing on airline profitability. Its shares dropped 7.5%.IMAX (IMAX) shares jumped past 10% after it reported better-than-expected Q2 performance.

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Wire

Top Midday Decliners

Albertsons (ACI) shares slumped amid heavy trading after the grocery chain lowered its fiscal 2026 earnings and identical sales outlook and reported weaker-than-expected Q1 profit on Thursday.Shares slumped 23% as intraday trading volume catapulted to over 31.3 million from a daily average of about 6.88 million.Tesla (TSLA) shares dropped 14% amid heavy trading after the firm reported a steeper-than-expected drop in Q2 adjusted earnings late Wednesday.Gross and operating margins missed consensus "considerably," and "more important aspects are an increase in capital investments and operating expenses related to the AI transition," Truist Securities said in a note. Free cash flow turned negative in Q2, with an outflow of $1.1 billion.More than 75.7 million shares of the company traded intraday compared with a daily average of about 47.3 million.The European Commission fined Alphabet's (GOOG, GOOGL) Google 890 million euros ($1.04 billion) after the company violated the Digital Markets Act through self-preferencing in Google Search and anti-steering practices on Google Play.Shares declined 6.4% as intraday trading volume jumped to over 31.7 million from the stock's daily average of about 22.0 million.Price: $11.27, Change: $-3.34, Percent Change: -22.84%

$ACI$GOOG$GOOGL$TSLA
Sectors

Sector Update: Consumer Stocks Fall Thursday Afternoon

Consumer stocks were lower Thursday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) falling 1.6% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) dropping 4.4%.In corporate news, Tesla (TSLA) shares fell past 13% after it reported an unexpected year-over-year decline in Q2 earnings, weighed by higher operating expenses related to research and development and AI initiatives.Albertsons (ACI) shares tumbled 23% after the grocery chain lowered its fiscal 2026 earnings and identical sales outlook and reported weaker-than-expected Q1 profits.American Airlines (AAL) lowered its full-year earnings outlook on Thursday as higher fuel costs drove Q2 bottom-line lower year on year, adding to signs that rising fuel prices are weighing on airline profitability. Shares dropped 9.3%.

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Research

Wells Fargo Downgrades Albertsons to Equal Weight From Overweight, $11 Price Target

Wells Fargo Downgrades Albertsons to Equal Weight From Overweight, $11 Price Target

$ACI
Albertsons Shares Plunge After Fiscal 2026 Guidance Cut, First Quarter Earnings Miss
US Markets

Albertsons Shares Plunge After Fiscal 2026 Guidance Cut, First Quarter Earnings Miss

Albertsons (ACI) shares slumped Thursday after the grocery chain lowered its fiscal 2026 earnings and identical sales outlook and reported weaker-than-expected first-quarter profits.The company reduced its full-year adjusted net income guidance to a range of $1.75 to $1.85 per share, down from its prior outlook between $2.22 and $2.32. The FactSet consensus is $2.27 per share.Albertsons' shares fell 21% in Thursday trade and have declined 33% so far this year.Identical sales guidance was revised to a decline of 1.5% to 0.5% from its prior forecast of 0% to 1% growth, and includes an estimated 150 basis point headwind from the Medicare Drug Price Negotiation Program. The updated outlook trails the analysts' estimate of a 0.3% increase in same-store sales."Our more cautious view reflects ongoing pressure on lower-income consumers, softness in grocery industry unit trends, and the potential for additional affordability pressure from supplier cost increases," Chief Financial Officer Sharon McCollam said during an earnings call, according to a FactSet transcript.The adjusted guidance factors in both weaker immediate demand and heightened reinvestment into customer value, McCollam added. "While these actions will pressure near-term earnings, we believe they are strategically necessary to strengthen customer engagement, accelerate unit growth, and improve the long term trajectory of the business," she saidFor the first quarter ended June 20, net sales and other revenue grew 0.2% year over year to $24.94 billion, topping Wall Street's view of $24.83 billion. Adjusted earnings per share fell to $0.42 from $0.55 a year earlier, missing the consensus estimate of $0.53.Identical sales declined 0.8% compared to the FactSet estimate of a 0.5% drop in same-store sales."While pharmacy and digital delivered strong growth, their performance was not enough to offset broader pressures in our core business," Chief Executive Susan Morris said in the earnings call. "These results were below our expectations, and we're taking decisive action to improve future performance."The company is consolidating its 11 divisions into four regions and moving towards a centralized merchandising strategy to speed up decision-making and cut costs.Albertsons said Thursday that CFO McCollam plans to retire later this year and will stay on until a successor is named. Following the transition, she will serve as an advisor through Feb. 27, 2027.Price: $11.44, Change: $-3.17, Percent Change: -21.68%

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Wire

Albertsons' CFO Sharon McCollam to Retire

Albertsons (ACI) Chief Financial Officer and President Sharon McCollam plans to retire later in the year, the company said Thursday.McCollam will continue in her role until a successor is found, the company said.Shares of the company were down more than 19% in early Thursday trading.Price: $11.78, Change: $-2.83, Percent Change: -19.35%

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Sectors

Sector Update: Consumer Stocks Decline Pre-Bell Thursday

Consumer stocks were declining pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 2.3% lower.Albertsons (ACI) stock was down more than 18% after the company reported a decline in fiscal Q1 adjusted earnings and cut its fiscal 2026 adjusted EPS outlook.Vita Coco (COCO) shares were up more than 7% after the company posted higher Q2 net income and revenue, and raised its 2026 revenue guidance.Ermenegildo Zegna (ZGN) stock was up more than 2% after the company reported an increase in Q2 revenue.

$ACI$COCO$XLP$XLY$ZGN
Sectors

Sector Update: Consumer

Consumer stocks were declining pre-bell Thursday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) down 0.4% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) 2.3% lower.Albertsons (ACI) stock was down more than 18% after the company reported a decline in fiscal Q1 adjusted earnings and cut its fiscal 2026 adjusted EPS outlook.

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Wire

Albertsons May Beat Fiscal Q1 Expectations But Q2 Results Could Weaken, RBC Says

Albertsons (ACI) could beat fiscal Q1 expectations despite weak sales, but tougher competition may slow Q2 results, while full-year guidance is likely to remain unchanged, RBC Capital Markets said in a note Thursday.RBC expects fiscal Q1 identical sales to fall 0.5% and adjusted earnings before interest, taxes, depreciation, and amortization to remain nearly flat at $1.11 billion, above the $1.08 billion consensus estimate The investment firm lowered its fiscal Q2 identical-sales forecast to about flat from 0.5% growth after store and transaction data weakened near the end of fiscal Q1.Albertsons is expected to keep its fiscal 2026 guidance, although management may sound more cautious about the pace of customer traffic and sales recovery, according to the note.RBC expects grocery sales to remain under pressure from stronger competition, while pharmacy growth, cost savings and improving digital profits could help protect gross margins.RBC kept its outperform rating and $20 price target, adding that it now expects identical sales growth of 0.3% in fiscal 2026 and 1.5% in fiscal 2027, with adjusted EBITDA of $3.91 billion and $4.13 billion, respectively.Price: $14.89, Change: $+0.32, Percent Change: +2.23%

$ACI
Grocer Discounts Amid High Food Prices Raise Margin Concerns Ahead of Fourth of July
US Markets

Grocer Discounts Amid High Food Prices Raise Margin Concerns Ahead of Fourth of July

Grocers are offering discounts ahead of the Fourth of July holiday as they battle for consumer dollars amid rising food prices that some experts say may affect profit margins.The overall cost of food rose 3.1% in the 12 months through May, the US Bureau of Labor Statistics said on June 10. Food-at-home prices were up 2.7%, and food away-from-home increased by 3.5% from the same month last year.An Independence Day cookout for 10 people will cost $73.82 for a basket of 10 items including cheeseburgers, chicken breasts, potato salad and ice cream, up 4% year over year, according to the American Farm Bureau Federation, an advocacy group for farmers in the US.Food prices have surged as consumers faced higher energy prices, the impact of tariffs and drought conditions in growing areas globally. That's left grocers such as Kroger (KR), Albertsons (ACI) and Sprouts Farmers Market (SFM) to compete for budget-strapped customers by offering lower prices.Investors are taking a wait-and-see approach on whether cutting food bills will affect retailers' bottom lines at a time when demographics are changing and appetites are already reduced from the rising use of GLP-1 weight-loss medications, said Scott Mushkin, chief executive of R5 Capital, a consumer consulting and research firm. Grocers so far haven't mentioned lower margins due to discounted prices but it's "100%" something about which the market is concerned, he said."When there's declining volumes, the only way to get market share or get your volumes flat to positive is to win share from somebody else," Mushkin said in an interview with. "You're seeing more and more companies talk about investing in prices, which means just lowering prices."Kroger, the largest traditional US grocery store with a market capitalization of roughly $34 billion, said Friday it would offer specials on several items including soft drinks, dips and dinner sausages, ahead of the Fourth of July.The effects of the company's self-funded price investments -- when a grocer lowers a price to increase volume and stay competitive with rivals -- remain to be seen, Morgan Stanley said in a note to clients. Still, they lowered their 12-month price target on the company to $67 from $73.Kroger Chief Financial Officer David Kennerley said on the company's June 18 earnings call that food inflation in the first quarter came in at the low end of the retailer's expectations. But he still expected inflationary pressures to increase in 2026 amid the broader macro environment.Oppenheimer analysts said in a report last week that Kroger is implementing pricing efforts in some test markets and has seen positive results including gaining market share. Kroger's goal, the analysts said, is to capture more of the consumer basket without being the lowest-cost retailer. That, in turn, will reduce risk to margins."Management is testing these efforts in more stores," Oppenheimer said. "The company does not seem to be aiming to be the lowest price retailer, which, in our view, should minimize the risk of any price war."Sprouts Farmers Market, with a market value of about $8 billion, and Albertson's, with a $6.6 billion cap, are also offering discounts on meats, vegetables and desserts ahead of the Independence Day weekend.Despite rising food costs, spending on food for the Fourth of July is expected to increase this year.About 62% of Americans plan to celebrate with a barbecue or picnic and will spend $9.4 billion on food, up from $8.9 billion in 2025 and on par with 2024 levels, according to a survey of 7,675 consumers by the National Retail Federation. This is historically high with spending ranging from $6.3 billion to $7.7 billion between 2014 and 2022.Ricky Volpe, an economist in the College of Agriculture, Food & Environmental Sciences at Cal Poly San Luis Obispo, said he expects grocers' margins to decline amid discounts ahead of and after Saturday's holiday, but volume to increase as prices decline.That'll increase opportunities for grocers to capitalize on bigger basket sizes, said Volpe, who previously researched food-price formation, competitiveness in the food industry and forecasted retail food price inflation at the USDA's Economic Research Service.Rising inflation may lead some consumers to discount retailers that sell food at a lower average price. Big box stores such as Walmart (WMT) and Costco Wholesale (COST) will likely see strong growth over the next six to 12 months, Volpe said."We historically see their revenues, market share and even overall profitability increase during challenging inflationary times like this," he said. "They're always taking market share away from the traditional."Discounts will likely continue beyond the Fourth of July, though retailers may offer lower prices on their own products rather than larger brands, Volpe said."We will probably, looking into the back half of the year, see intensified promotional activity for store brands and private labels relative to national brands because retailers typically have more control over their own brand prices and operate on higher average markups or margins for their own brand prices."Marcy Nicholson

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Research

Research Alert: CFRA Keeps Buy Opinion On Shares Of Albertsons Companies, Inc.

CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:We keep our 12-month target at $21, based on 8.8x our FY 27 (Feb.) EPS of $2.38 (raised from $2.36; FY 28 initiated at $2.64). This multiple is near its long-term mean of 9.1x but remains a discount to its closest publicly-traded peer Kroger (~13x). Pharmacy headwinds from the Inflation Reduction Act are weighing on identical sales this fiscal year, though they are benefiting margins through a mix shift toward higher-margin generics. Margins should also improve with better digital profitability, easing GLP-1 pressure, and ongoing productivity initiatives. We expect identical sales growth to remain pressured in May-Q due to egg deflation, with both growth and profitability improving in subsequent quarters. We also believe ACI's investments in value, including lower prices and targeted promotions, should begin to drive an improvement in core grocery trends as the year progresses. Our Buy view reflects double-digit total shareholder return potential, including share repurchases and a ~4% dividend yield.

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Wire

Albertsons Making Progress on Margins, But Top-line Outlook Muted, RBC Capital Markets Says

Albertsons (ACI) is making tangible progress on margins, but its top-line outlook remains muted, RBC Capital Markets said in a note Tuesday.Analysts said management's soft guidance is primarily related to the pharmacy business since grocery trends have largely remained stable. The brokerage subsequently lowered its fiscal Q1 and fiscal 2026 ID sales estimates.RBC said a key positive from the company's fiscal Q4 earnings report was an increase in its productivity savings target to $2 billion over the next three years from $1.5 billion.Analysts said Albertsons' customer lifetime value will likely increase over time as it converts pharmacy customers to grocery customers.The brokerage added that sales could deteriorate if inflation eases and retailers don't see an equal lift in volumes.RBC Capital Markets retained an outperform rating on the stock, but lowered its price target to $20 from $21.Price: $16.60, Change: $+0.25, Percent Change: +1.56%

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Wire

UBS Cuts Albertsons Price Target to $20 From $23, Maintains Buy Rating

Albertsons (ACI) has an average rating of overweight and mean price target of $20.94, according to analysts polled by FactSet.Price: $16.41, Change: $+0.06, Percent Change: +0.37%

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