Albertsons Lowers Sales and Profit Projections

Albertsons lowered its sales and adjusted net income projections for the year, citing stiffer competition and steep discounts offered by said competitors. The grocer expects annual identical sales growth ranging from 2.2% to 2.5%, dropping its higher-end target from 2.75%. Adjusted net income is now pegged at between $2.08 and $2.16 per Class A common share, versus $2.06 to $2.19 previously (via Reuters).