Albertsons 1Q26 Preview — ID Sales Pressures to Start Out the Year Could Limit the Pace of FY26 Earnings Inflection

研报英文原文证据摘录

Albertsons 1Q26 Preview — ID Sales Pressures to Start Out the Year Could Limit the Pace of FY26 Earnings Inflection

J P M O R G A N North America Equity Research

30 June 2026

Albertsons Overweight

ACI, ACI US

1Q26 Preview — ID Sales Pressures to Start Out the Price (29 Jun 26):$13.47

Year Could Limit the Pace of FY26 Earnings Inflection ▼Price Target (Dec-27):$20.00 Prior (Dec-26):$22.00

Albertsons (ACI – Overweight) is likely to report fiscal 1Q26 (June) earnings on

Tuesday, July 14. We model an ID sales miss and in line EPS (ACI seldom misses Food Producers & Retailers

on earnings). We think annual guidance reiterations are likely for both items. The Thomas Palmer, CFA AC

year is already 2H-weighted, and ACI has cut its annual ID sales and/or EPS (1-212) 622-5582

outlook just twice as a public company, with both instances coming with its 3Q thomas.palmer@jpmorgan.com

earnings report (in FY24 and FY25). The share price has fallen post-earnings in Elsa H Evans

four of the past five quarters, though the 17% stock price decline since reporting (1-212) 622-4922

elsa.evans@jpmchase.com

fiscal 4Q results (vs. KR -14% and Ahold Delhaize -14%) might suggest the J.P. Morgan Securities LLC

potential ID sales weakness is already reflected in the share price. We remain

Overweight the shares, but despite the depressed valuation, we would not count on

a sustained price rally until ID sales and earnings growth reaccelerate. Quarterly Forecasts (FYE Feb)

Adj. EPS ($)

• Updating estimates. We now model FY26 ID sales toward the low end of 2025A 2026E 2027E

ACI’s 0-1% annual guidance but also assume more share repurchases (because Q1 0.55 0.54 0.58

Q2 0.44 0.45 0.47

of the lower share price). FY26 goes to $2.22 from $2.21 and FY27E goes to Q3 0.72 0.77 0.83

$2.37 from $2.39.