How tech icon Meg Whitman is already leaving her mark on grocery giant Albertsons
Source: Fortune ·
The grocer is losing out to Walmart, Costco and Kroger.
From the source
It’s never a good sign when a company pulls its financial forecasts mid-turnaround. But Albertsons did just that on Tuesday in the first clear sign of how deeply newly appointed Executive Chairman Meg Whitman plans to overhaul the struggling grocery chain. Albertsons—which in addition to its namesake stores operates another 21 chains including Safeway, Vons, Jewel-Osco, Tom Thumb, and Randalls—said that net sales slipped to $18.9 billion in its second fiscal quarter, led by a 0.8% drop in identical sales, a metric that strips out newly closed or open stores. It was the second quarterly drop in a row, following shrinking growth in the preceding quarter. Albertsons CEO Susan Morris announced a plan in July called “ACI Edge” aimed at improving the company’s competitiveness by reviewing its strategy, cost structure, operations and portfolio of brands. On Tuesday, the company said it was pulling its financial forecasts until that review is over. That suggests that Albertsons may be eying…