Even though Albertson’s down and the index is down from the 52-week high. Year to date, both the grocery industry and the drugstore industry are actually up. Year to date the grocery industry is up...
—Asma Usmani
The consumer continues to feel confident.
When we listened to the third-quarter earnings (report), their credit card business was performing above expectations and they felt that that was going to mitigate the negative impact they were experiencing from their retail operation.
We think the sell-off that we saw in Albertson’s was excessive just given the sell-off, the stock today is trading at nine times and ten times — ten times this year’s earnings or nine times...
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