U.S. grocer Albertsons set for worst day after cutting annual forecasts

Shares of U.S. grocer Albertsons plunged as much as 20.3% to a six-year low of $11.64 after the company cut its annual forecasts as it navigates cautious consumer spending amid macroeconomic uncertainty.

If losses hold, the stock is on track for its worst day on record.

• The company now expects annual identical sales to fall in the range of 0.5% to 1.5%, versus its prior outlook for flat to 1% growth.
• It expects annual adjusted EPS in the range of $1.75 to $1.85, compared with its previous forecast of $2.22 to $2.32.
• Albertsons reported fourth-quarter revenue of $24.94 billion, versus estimates of $24.82 billion, according to data compiled by LSEG.
• The company separately announced that CFO Sharon McCollam plans to retire later this year.

Up to the last close, the stock was down nearly 15% year to date.