Grocer Albertsons Cos. Inc. saw many customers upgrade what they toss in their baskets during COVID-19 and now, even with rising costs tied to inflation and more people heading back to restaurants, they’re sticking with their new first-class habits.
But it’s also due to the health of the consumer. Sankaran says Albertsons typically makes business plans with 1% or 2% inflation in mind. But in the current environment, customers can handle inflation at a bit higher rate. “Our sense is that forecasts will continue to revise higher as Albertsons’ effective investment spending and strong in-store execution keeps boosting its market share,” wrote Credit Suisse analysts led by Robert Moskow.
“We keep a buy, believe Albertsons is closing in on its largest competitor and that the company will benefit from this inflationary environment.” “Food-at-home consumption shows little signs of slowing down; the re-acceleration of COVID-19 cases could prolong the situation into the fall. Price competition is essentially nonexistent, which should soon result in a relatively high flow through of input cost inflation to on-shelf pricing. And price elasticity is low, which could cause a larger-than-normal portion of retail price increases to flow through to identical sales.
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