Vivek Sankaran Discusses Albertsons’ Second Quarter Fiscal Results
BOISE, ID - Net income and digital sales are but two categories that have been positively impacted by Albertsons’ recent growth. This comes as the retailer recently reported its results for the second quarter of fiscal 2023, unveiling more gains across several aspects of its business.
“During the second quarter, we continued to execute against our Customers for Life transformation strategy and drive solid operating results, despite increasing macroeconomic headwinds,” commented Vivek Sankaran, Chief Executive Officer. “We want to thank all our teams for their commitment to our customers and communities.”
According to the release, Albertsons’ net sales and other revenue was $18.3 billion during the second quarter of fiscal 2023, compared to $17.9 billion during the second quarter of fiscal 2022. This increase was driven primarily by the grocer’s 2.9 percent increase in identical sales, as well as a 19 percent increase in digital sales, and retail price inflation across most categories.
Other key highlights include:
- Loyalty members increased 17 percent to 37.4 million
- Net income of $267 million, or $0.46 per share
- Adjusted net income of $368 million, or $0.63 per share
- Adjusted EBITDA of $977 million
“As we look ahead to the balance of the year, our focus remains the same—advancing operational excellence in our stores, driving growth in our digital and pharmacy operations, and deepening our relationships with our customers,” Sankaran added. “We are also mindful of a more challenging economic backdrop, including declining federal and state government assistance and higher interest rates, and their effects on consumer spending and our business. We also expect slowing food inflation, ongoing labor investment, broad inflationary cost increases, and significant declines in COVID-19 vaccination and test kit revenue. We continue to partially offset these headwinds with the benefits of our productivity initiatives.”
To read the report further, click here.
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