Albertsons ‘more reactive than proactive’ in future buyer search

Albertsons Companies posted strong earnings in its third-quarter financial report Wednesday, beating analyst earnings expectations and announcing plans to cut spending by $1.5 billion over the next three years. 

It was the first earnings call Albertsons has held since the grocery chain announced its plans to merge with Cincinnati, Ohio-based Kroger in 2022. Both Kroger and Albertsons pulled out of the $24.6 billion deal in December, after judges in Oregon and Washington rejected the proposal on Dec. 10. 

One day after the court decisions were handed down, Albertsons filed a lawsuit against Kroger, arguing that the grocery chain failed to offer an adequate divestiture package and ignored federal regulators’ concerns with the proposed deal.