Costco Wholesale Corp

NASDAQ:COSTUnited States

By Elizabeth O'Brien

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05:32 AM EDT, 04/23/2024 (MT Newswires) -- (MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contac...

1206 ET - Big-box giants like Walmart and club stores like Costco and BJ's seem to be taking market share away from conventional food retailers like Kroger and Albertsons, CFRA analyst Arun Sundaram says in a note. Albertsons' 1% top line growth in 4Q was driven by pharmacy while its comp sales softened with lower unit sales. The grocer faced margin pressure from its pharmacy and ecommerce-heavy mix, as well as price investments and wage increases. The chain is expected to have a tough FY25 ahead with weakening identical store sales growth and ongoing margin pressure, Sundaram says. EPS will likely fall 6% in the new year after a 15% decline in FY24, he says, maintaining a hold rating on the stock. Albertsons shares slip 0.9% to $20.17. (dean.seal@wsj.com)