By Dhirendra Tripathi
Investing.com – Albertsons (NYSE:ACI) shares fell more than 5% Monday after the company reported numbers that showed its performance deteriorated in the fourth quarter ending February 27.
The company slipped into the red while sales barely moved but selling and administrative expenses rose.
The Boise, Idaho-based grocer reported a net loss of $144.2 million in the quarter, compared to a net income of $67.8 million in the same period a year ago.
Net sales rose just over 2%, to $15.77 billion, but selling and administrative expenses incurred for them were higher by more than 15%, at $4.72 billion. As a percentage of net sales, SG&A rose by 350 basis points to 30% for the quarter.
One bps is one-hundredth of a percentage point.
The company is now projecting a 6% to 7.5% growth in its identical sales in 2021 and adjusted earnings before interest, taxes, depreciation and amortization in the range of $3.5 billion to $3.6 billion.