Albertsons Companies Reports Fourth Quarter and Full Year Results; Vivek Sankaran Details
BOISE, ID - Backed by a successful company-wide transformation strategy, Albertsons Companies has reported strong results for the fourth quarter and full year fiscal 2022, which ended February 25, 2023. Among the highlights is a $900 million boost in net sales, due in part to an increase in identical sales.
“These results, and our results for fiscal 2022 overall, were fueled by the rollout of our Customers for Life transformation strategy, which places the customer at the center of everything we do, with the ultimate goal of supporting them every day, every week, and for a lifetime,” said Vivek Sankaran, Chief Executive Officer. “Against this backdrop, throughout the year, we invested in the following initiatives: digitally connecting and engaging our customers through a frictionless omnichannel experience, differentiating our store experience, enhancing what we offer and where we offer it, modernizing our operational capabilities, and further embedding ESG throughout our operations.”
Overall, net sales and other revenue was $18.3 billion during the 12 weeks ended February 25, 2023, compared to $17.4 billion during the 12 weeks ended February 26, 2022, a release stated. Other fourth quarter highlights include:
- Identical sales increased by 5.6 percent
- Digital sales increased by 16 percent
- Loyalty members increased 15 percent to over 34 million
“We are pleased with our fourth quarter financial results and the suite of capabilities we continue to build in our business,” added Sankaran. “We want to thank all our teams for their commitment to bringing people together around the joys of food and inspiring well-being, and for serving our customers and communities.”
Looking toward the future, the retailer is strategizing to face challenges like inflation and labor, and is planning to do so with ongoing investments in the company.
To read the report in its entirety, click here.
What will fiscal 2023 have in store for Albertsons? Stay tuned to ANUK to find out.