BOISE―Albertsons Companies, Inc., said Tuesday it is launching a broad review of its business and will stop providing a financial outlook for the year after its second-quarter profit fell sharply.
The grocery chain, which runs Safeway, Vons, Jewel-Osco and other banners, reported net income of $51.5 million, or 11 cents per share, for the 12 weeks ended Sept. 12. That compares with $168.5 million, or 30 cents per share, a year earlier. Adjusted for one-time items, it earned 36 cents per share, down from 44 cents.
Revenue slipped 0.1% to $18.89 billion as identical sales, a measure of sales at established stores, fell 0.8%. Digital sales rose 11%, and pharmacy sales kept growing despite headwinds from the Inflation Reduction Act. Higher fuel sales partly offset the decline…