Albertsons Cos. Inc. /zigman2/quotes/209620932/composite ACI -0.81% shares rose 2.8% in Thursday premarket trading after the grocer reported fiscal first-quarter earnings that beat expectations and raised its guidance. Net income totaled $444.8 million, or 78 cents per share, down from $586.2 million, or $1.00 per share, last year. Adjusted EPS of 89 cents beat the FactSet consensus for 71 cents. Revenue of $21.27 billion was down from $22.75 billion but ahead of the FactSet consensus for $20.52 billion. Identical sales fell 10.5%, beating the FactSet consensus for an 11.1% decline. Albertsons attributed the declines to cycling high COVID-19-related demand in 2020. On a two-year stack, identical sales were up 16.5%. For the year, Albertsons is guiding for an identical sales decline in the range of 5% to 6%, up from previous guidance for a decline of 6% to 7.5%, and adjusted EPS of $2.20 to $2.30, up from previous guidance for $1.95 to $2.05. The FactSet consensus is for an identical sales decline of 6.3% and EPS of $2.00. Albertsons stock has rallied nearly 18% for the year to date, outpacing the S&P 500 index /zigman2/quotes/210599714/realtime SPX +1.32% , which is up 17.2% for the period.