Jewel Osco president steps down

Tom Lofland, president of Jewel Osco, retired after a career spanning more than 35 years.

Lofland took over the president's role in August. He held several leadership positions since 1995, when he served as a store director for Albertsons. Lofland served as vice president of center store for Albertsons' Intermountain West Division from August 2006 to September 2008. After holding leadership roles with Supervalu and KVAT Foods Inc., Jewel Osco named him director of center store in June 2014. He served as an integration lead for Albertsons/Safeway and vice president of merchandising and marketing for Safeway/Eastern before Safeway named him president in August 2018. Prior to his president role at Jewel Osco, Lofland served as a senior vice president and president for Albertsons.

"Throughout his career, [Tom] led with vision, integrity and an unwavering commitment to people," Jewel Osco said in a LinkedIn post. "Tom leaves a lasting legacy on the company and the many associates he inspired along the way."

Albertsons Companies Inc., which owns Jewel Osco, is overhauling its operations through a new initiative called ACI Edge, consolidating 11 divisions into four regions as the grocery chain works to recover from a disappointing first quarter that saw identical sales fall 0.8%.

The restructuring, announced Thursday alongside first-quarter earnings, represents CEO Susan Morris's response to what she called "increasing pressure from softer industry unit trends and a more cautious consumer." The company slashed its full-year outlook, now projecting identical sales to decline as much as 1.5% compared with previous guidance of up to 1% growth.

The Boise, Idaho-based grocer reported net income of $85 million, or 17 cents per share, for the 16 weeks ended June 20, down from $236.4 million, or 41 cents per share, a year earlier. Adjusted earnings fell to 42 cents per share from 55 cents.

Albertsons now expects fiscal 2026 adjusted EBITDA of $3.55 billion to $3.63 billion, down from a prior range of $3.85 billion to $3.93 billion. The company cut its adjusted earnings forecast to $1.75 to $1.85 per share from $2.22 to $2.32. Identical sales are now projected to fall 0.5% to 1.5%.