Albertsons Stock Surges 14% on Strong Sales Outlook and $750M Buyback Acceleration
Albertsons Companies saw its stock surge 14% following improved sales and profit guidance. The grocer also announced an accelerated $750 million share repurchase agreement with JPMorgan Chase Bank amid ongoing grocery inflation pressures.
Shares of Albertsons surged dramatically in Tuesday trading, climbing 14% after the grocery chain raised its full-year sales and profit outlook. The substantial gain represents a significant reversal for the retailer, whose stock had declined for three consecutive months after reaching its second-highest point of the year in July.