The FTC has filed against the proposed Kroger and Albertsons deal (Sarah A. Miller/Idaho ... [+] Statesman/Tribune News Service via Getty Images)TNSAntitrust regulator The Federal Trade Commission filed a lawsuit Monday in an attempt to spike Kroger's long-running attempt to buy rival grocer Albertsons, claiming the merger of the two major grocers would result in higher prices for shoppers and lower wages for workers.In a release, the FTC claimed the deal would hurt supermarket competition for shoppers and ...

Core Viewpoint - The Federal Trade Commission (FTC), along with eight states and Washington, D.C., has filed a lawsuit to block Kroger's proposed $24.6 billion acquisition of Albertsons, citing anti-competitive concerns [1][2]. Group 1: Lawsuit Details - The FTC issued an administrative complaint and filed the lawsuit in the U.S. District Court for the District of Oregon [2]. - Attorney Generals from Arizona, California, Illinois, Maryland, Nevada, New Mexico, Oregon, Wyoming, and Washington, D.C. have joined the lawsuit [2]. - The FTC claims the merger would eliminate competition between the supermarket rivals, leading to higher grocery prices, reduced choices, and lower product quality, while also putting jobs at risk [2]. Group 2: Company Responses - Kroger stated that blocking the merger would harm consumers and workers, contradicting the FTC's intentions [2]. - Albertsons expressed disappointment over the FTC's stance, arguing that blocking the merger would strengthen larger multi-channel retailers like Amazon, Walmart, and Costco [2]. Group 3: Merger Background - In October 2022, Kroger agreed to acquire Albertsons for $24.6 billion, or $34.10 per share, with unanimous approval from both companies [4]. - The proposed merger has faced opposition from legislators and consumer groups, with lawsuits filed in Washington state and Colorado to block the deal [4]. - To address anti-competitive concerns, Kroger and Albertsons agreed to sell 413 stores and other assets to C&S Wholesale Grocers in September [4]. Group 4: Employment Impact - The merger would operate more than 5,000 stores across the country, employing over 700,000 workers, according to the FTC [3].

The Federal Trade Commission and eight states said Monday they are suing to block supermarket chain Kroger’s $24.6 billion deal to buy smaller rival Albertsons, saying it would boost grocery prices for millions of Americans.The deal, which would create a grocery empire with more than 4,000 stores, has drawn tough scrutiny from lawmakers and consumer groups worried about higher grocery prices, job losses, store closures and diminishing choice for consumers.The FTC charged the deal will eliminate “fierce comp ...

Core Viewpoint - The U.S. Federal Trade Commission (FTC) is suing to block the merger of Kroger and Albertsons, citing concerns over higher prices for consumers and lower wages for workers [1][2]. Group 1: FTC's Position - The FTC argues that the merger would lead to increased grocery prices, exacerbating financial strain on consumers [2][3]. - The FTC's complaint is supported by a bipartisan group of nine attorneys general from various states [1]. - The Biden administration has been critical of mergers that could harm consumer interests, making this a significant issue in the current political climate [3][4]. Group 2: Merger Details - Kroger and Albertsons announced a proposed $24.6 billion merger in October 2022, aiming to compete more effectively with larger retailers like Walmart, Amazon, and Costco [2][3]. - The merger has faced scrutiny for over a year, with federal and state regulators examining its implications [2]. Group 3: Company Responses and Commitments - Kroger's CEO argues that the merger would allow for lower prices, increased profitability, and innovation in the grocery sector [3]. - The company has pledged $500 million to reduce prices for customers and $1 billion to enhance employee wages and benefits [3]. Group 4: Consumer and Political Reactions - Rising grocery prices have become a significant concern for consumers and a topic in political discussions, with President Biden accusing grocery chains of overcharging while maintaining high profit margins [4]. - Labor unions representing Kroger and Albertsons employees have opposed the merger, highlighting concerns over job security and working conditions [3].

Kroger Inc. KR, +0.95% said Tuesday it will lower prices for customers when its planned merger with Albertsons Cos. Inc. ACI, +0.33% closes, noting that it has done the same with previous deals. “We believe the way to be America’s best grocer is to provide great value by consistently lowering prices and offering more choices,” Kroger CEO Rodney McMullen said in a statement. “When we do this, more customers shop with us and buy more groceries, which allows us to reinvest in even lower prices, a better shopp ...

Albertsons Companies has voluntarily recalled five ReadyMeals and store-made taco kits supplied by Fresh Creative Foods due to possible Listeria monocytogenes contamination. Image includes examples of labels. Photo Courtesy: Albertsons CompaniesAlbertsons Companies has voluntarily recalled five ReadyMeals and store-made taco kits supplied by Fresh Creative Foods due to possible Listeria monocytogenes contamination. Image includes examples of labels. Photo Courtesy: Albertsons CompaniesAlbertsons Companies h ...

Core Insights - Kimco Realty reported strong financial results for Q4 and full year 2023, with net income available to common shareholders of $133.4 million or $0.22 per diluted share for Q4, compared to a net loss of $56.1 million or ($0.09) per diluted share in Q4 2022 [1][4][29] - For the full year 2023, net income available to common shareholders was $629.3 million or $1.02 per diluted share, significantly up from $100.8 million or $0.16 per diluted share in 2022 [6][29] - The company achieved a record pro-rata portfolio occupancy of 96.2% in Q4 2023, marking a 70-basis-point increase sequentially, the largest in over 15 years [2][7] Financial Performance - Funds From Operations (FFO) for Q4 2023 was $239.4 million or $0.39 per diluted share, slightly up from $234.9 million or $0.38 per diluted share in Q4 2022 [5][29] - Full year FFO was $970.0 million or $1.57 per diluted share, compared to $976.4 million or $1.58 per diluted share in 2022 [6][29] - Same-Property Net Operating Income (NOI) grew by 3.2% year-over-year in Q4 2023, driven by a 3.1% increase in minimum rent [2][7] Leasing and Occupancy - The company signed 1.0 million square feet of new leases in Q4 2023, the highest quarterly level in over 10 years [2][3] - Pro-rata occupancy for anchor tenants reached 98.0%, while small shop occupancy hit an all-time record of 91.7% [2][7] - The company reported a 350-basis-point spread between leased and economic occupancy, representing approximately $57 million in anticipated future annual base rent [7] Acquisition and Growth Strategy - Kimco completed the acquisition of RPT Realty in January 2024, adding 56 open-air shopping centers with a total of 13.3 million square feet of gross leasable area [10] - The acquisition is expected to unlock additional growth and long-term value for shareholders [3][10] Capital Market Activities - The company issued $500 million of unsecured notes during Q4 2023 and ended the quarter with $2.8 billion of immediate liquidity [9] - Kimco sold all 14.2 million shares of Albertsons Companies, resulting in $299.1 million of proceeds [9] Dividend Declarations - The board declared a quarterly cash dividend of $0.24 per share, payable on March 21, 2024 [11] 2024 Outlook - The company projects net income per diluted share for 2024 to be between $0.47 and $0.55, and FFO per diluted share to be between $1.54 and $1.58 [12][13]

Companies in the Zacks Consumer Products – Staples industry have been operating in a challenging economic landscape, with core inflation pinching consumers’ budgets, thereby affecting demand. Also, higher input costs have been a hurdle, though the trend has been moderating.Certain players in the industry are contending with elevated SG&A costs. However, dedication to portfolio refinement and innovation, along with prudent saving measures, has been working favorably for Kimberly-Clark Corporation (KMB) , Alb ...

JERICHO, N.Y.--(BUSINESS WIRE)--Kimco Realty® (“Kimco” or the “Company”) (NYSE: KIM), North America’s largest publicly traded owner and operator of open-air, grocery-anchored shopping centers and a growing portfolio of mixed-use assets, announced today the allocations of the company’s 2023 dividend distributions on its common stock and preferred stock. The allocations as they will be reported on Form 1099-DIV are as follows: Common Shares (CUSIP # 49446R-10-9)   Ex- Ordinary Income ...

BOISE, Idaho--(BUSINESS WIRE)--Albertsons Companies (NYSE: ACI) today announced its annual application process for diverse-owned suppliers. As part of the company’s ongoing commitment to fostering diversity, equity, inclusion and belonging, the Albertsons Cos. Supplier Diversity Program is designed to discover, support and give diverse-owned suppliers the opportunity to expand their business with Albertsons Cos. and its stores. “At Albertsons Cos., we are committed to providing opportunities for diverse ...