Albertsons Releases Third Quarter Fiscal 2022 Results; Vivek Sankaran Comments
BOISE, ID - We are seeing the results of ongoing retail success as Albertsons pulls back the curtain on its third quarter results for fiscal 2022. In the report, the grocer revealed that its net sales and other revenue was $18.2 billion during the 12 weeks that ended December 3, 2022, a $1.5 billion incline compared to $16.7 billion during the 12 weeks the year prior.
"Our team continues to deliver strong performance as we execute against our Customers for Life strategy and bring people together around the joys of food and inspire well-being," said Vivek Sankaran, Chief Executive Officer. "Our investments in digital transformation, differentiation in Own Brands and Fresh offerings, and the modernization of our operational capabilities contributed to these results. I want to thank all of our teams for their commitment to serving our customers and living our values every day."
According to a press release, the increase in sales and revenue was primarily driven by its 7.9 percent increase in identical sales and higher fuel sales, with retail price inflation as the primary driver of the identical sales increase.
Other highlights shared in the report include:
- Identical sales increased 7.9 percent
- Digital sales increased 33 percent
- Loyalty members increased 16 percent to 33 million
- Net income of $376 million, or $0.20 per share
- Adjusted net income of $505 million, or $0.87 per share
- Adjusted EBITDA of $1,158 million
"As we look ahead to the balance of the year and into fiscal 2023, we believe that all of these initiatives position us well to continue to drive top-line growth and deepen our customer and community engagement both online and in-store," Sankaran continued. "At the same time, our ongoing productivity engine is expected to continue to support our investments and partially offset anticipated inflationary cost increases, declines in COVID-19 vaccination and at-home test kit revenue, and macro-consumer headwinds."
Read more about the grocer’s financial performance here.
AndNowUKnow will continue to track Albertsons’ growth, especially as more updates arise regarding its merger deal with Kroger, which was announced in October 2022. Stick around for more updates from retail and beyond.