Albertsons posted earnings Monday morning.
In the first quarter of fiscal 2020, which ended June 20, revenue rose 21% to $22.75 billion from $18.74 billion a year ago. But the latest figure trailed analysts’ expectations of $22.79 billion.
Store closures and lower fuel sales resulting from the coronavirus pandemic limited the revenue gain for Albertsons. But increased grocery shopping overall during the coronavirus epidemic helped boost results.
Albertsons registered net income of $586.2 million, or $1 per share in the latest quarter, up from $49.0 million, or 8 cents per share, in the year-ago quarter. Adjusted EPS totaled $1.35 per share for the latest quarter, topping the FactSet analyst consensus of $1.32.
Same-store sales climbed a hefty 26.5% in the latest quarter, and digital sales skyrocketed 276%. The digital sales surge was sparked by consumers' unwillingness to walk the aisles during the pandemic.
Albertsons went public back in late June. Shares priced at $16, which came in lower than had been expected. After going public, the company sold fewer shares than anticipated.
In total, Albertsons sold 50 million shares, which came in below expectations of 65.8 million shares. It raised $800 million in the offering. The IPO valued Albertsons at about $9.3 billion.
Watch the video above for Cramer's takeaways.