Albertsons Companies Inc Stock Price, News & Analysis

Albertsons Companies (NYSE: ACI) announced significant changes to its Board of Directors effective October 24, 2024. Jim Donald has been elected as the sole independent Chair of the Board, while Stephen Feinberg, Co-CEO of Cerberus Capital Management, joins as a new board member following Chan Galbato's departure. Cerberus, which has been invested in Albertsons since 2006, manages approximately $66 billion in assets and reaffirmed its support for the proposed Kroger merger. Feinberg emphasized Albertsons' growth achievements and expressed commitment to continuing innovation in the grocery industry.

Kroger has extended the expiration date of its exchange offers and consent solicitations for Albertsons Companies notes from October 28, 2024, to November 1, 2024. The exchange offers involve up to $7.44 billion in aggregate principal amount of new Kroger notes and cash. The settlement is expected to occur after the expiration date and coincide with the merger closing, anticipated in Q4 2024. As of August 29, 2024, the required consents were received for the Consented Series, with supplemental indentures executed. The exchange offers remain conditional upon the merger completion and other conditions that Kroger may waive.

Kroger (NYSE:KR) has extended the expiration date of its previously announced Exchange Offers and Consent Solicitations for Albertsons Companies, Inc. (NYSE:ACI) Notes. The new expiration date is October 28, 2024, at 5:00 p.m. New York City time. This extension applies to the exchange of up to $7,441,608,000 aggregate principal amount of new Kroger Notes and cash for outstanding ACI Notes.

The Exchange Offers and Consent Solicitations are conditional upon the closing of the merger between Kroger and ACI, expected in the fourth quarter of 2024. Settlement is anticipated to occur promptly after the Expiration Date and the merger closing. Kroger may further extend the Expiration Date and plans to provide advance notice of any such extension.

The Exchange Offers remain subject to the terms and conditions outlined in the confidential offering memorandum dated August 15, 2024. Eligible holders of ACI Notes can obtain documents related to the Exchange Offers and Consent Solicitations by completing an eligibility certificate.

Albertsons Companies' Mid-Atlantic Division celebrated Hispanic Heritage Month with a vibrant presence at the Fiesta DC parade and festival. The event, which attracted over 14,000 attendees, showcased the rich diversity of Latino cultures from Central and South America.

The Safeway booth was a hub of activity, offering families the chance to win products from popular brands like Mission Tortillas, Siete Foods, Ortega, Belvita, Kleenex, Viva Paper Towels, and Suavitel. The festival featured live entertainment, authentic cuisine, and unique merchandise.

Albertsons Companies expressed pride in giving back to communities through meal solutions, savings, and quality products. The company encouraged readers to learn more about their Recipe for Change initiative on their website and view additional multimedia content on 3blmedia.com.

Albertsons Companies (NYSE: ACI) reported its Q2 fiscal 2024 results, ending September 7, 2024. Identical sales increased 2.5%, while digital sales surged 24%. The company's loyalty members grew 15% to 43.0 million. Net income was $146 million, or $0.25 per share, with adjusted net income at $301 million, or $0.51 per share. Adjusted EBITDA stood at $901 million.

Net sales and other revenue reached $18.6 billion, up from $18.3 billion in Q2 fiscal 2023. The gross margin rate remained unchanged at 27.6%. However, selling and administrative expenses increased to 25.8% of net sales. The company completed 44 remodels and opened two new stores during the first 28 weeks of fiscal 2024.

Kroger (NYSE: KR) has extended the expiration date for its exchange offers and consent solicitations related to Albertsons Companies, Inc. (NYSE: ACI) notes. The new expiration date is October 22, 2024, at 5:00 p.m. New York City time. This extension applies to the exchange of up to $7,441,608,000 aggregate principal amount of ACI Notes for new Kroger Notes and cash. The exchange offers and consent solicitations are conditioned upon the closing of the merger between Kroger and ACI, expected in the fourth quarter of 2024. Settlement is anticipated shortly after the expiration date and merger closing. The exchange offers remain subject to the terms and conditions outlined in the confidential offering memorandum dated August 15, 2024. Eligible holders of ACI Notes can obtain documents related to the exchange offers and consent solicitations by completing an eligibility certificate.

Albertsons Companies (NYSE: ACI) has announced a cash dividend for the third quarter of fiscal 2024. The Board of Directors has declared a dividend of $0.12 per share of common stock. This dividend will be payable on November 8, 2024, to stockholders of record as of the close of business on October 28, 2024. The announcement demonstrates Albertsons' commitment to providing returns to its shareholders and may be seen as a positive indicator of the company's financial health and confidence in its future performance.

Albertsons Companies has voluntarily recalled 12 types of ReadyMeals and store-made deli items due to possible Listeria monocytogenes contamination. The recall was initiated after Fresh Creative Foods, a division of Reser's Fine Foods, Inc., discovered that these products contain a recalled ready-to-eat chicken ingredient supplied by BrucePac of Durant, Okla. The affected items were available for purchase at various Albertsons-owned stores across 21 states.

Consumers are urged not to consume these products and to return them to their local store for a full refund. The recall includes items such as street tacos, enchiladas, and salads with sell-through dates up to October 13, 2024. Customers with questions can contact Albertsons Companies' Customer Service Center at 1-877-723-3929.

Albertsons Companies' Southern California Division participated in the Susan G. Komen Better Than Pink Walk during Breast Cancer Awareness Month in Newport Beach, CA. Despite cloudy weather, Team AVPink showed strong support with over 100 dedicated walkers. The team's superstar fundraiser, Phil Markert, raised over $200,000, setting an inspiring example. The event demonstrated the team's camaraderie and unity in the fight against breast cancer. Albertsons Companies expressed gratitude to all contributors who made the event successful.