Albertsons Stock Plummets Amid Price Wars | Spokane News

Albertsons stock plummets 24.5% after slashing profit forecasts and doubling down on low prices to compete with Walmart and Amazon as shoppers tighten belts amid soaring gas and food costs. CEO Susan Morris warns lower-income customers are slipping away, while the company now expects identical sales to dip 0.5%-1.5%—down from a prior flat-to-growth outlook. Rising fuel and packaging costs, plus potential gas prices hitting $4/gallon, are squeezing consumer spending. Albertsons is holding prices steady, cutting hundreds of items, boosting online sales, and pushing private brands to stay competitive. Meanwhile, CFO Sharon McCollam is retiring, adding to investor concerns, and the company is restructuring into four regional units from 11 to streamline operations. Listen in comfort:Get a discount on a Soli Pillow: http://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/c1cfb447900308f3