Albertsons Falls After Sales Growth Slows in the Current Quarter
- Grocers may have passed the peak point of demand, says analyst
- Supermarket chain is unable to predict Covid impact for year
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Albertsons Cos. fell after saying its sales growth had slowed in recent months, highlighting how demand for food and other essentials has moderated even as the coronavirus pandemic continues to spread.
The supermarket chain’s identical-store sales, a key barometer of a retailer’s health, rose 26.5% in the quarter ended June 20, beating the average analyst estimate. But that growth has slowed to the mid-teens in the current period, Chief Executive Officer Vivek Sankaran said in an interview. The company is still grappling with limited availability of key items like soups, baking products and household cleansers.