Albertsons Companies Reveals Third Quarter Fiscal 2021 Results; Vivek Sankaran Discusses
BOISE, ID - Albertsons Companies is continuing to drive year-over-year growth across its organization. Several concentrated efforts contributed to a sales boost during the third quarter of fiscal 2021. Ultimately, the company reported net sales and other revenue was $16.7 billion during the 12 weeks ended December 4, 2021.
“We are pleased with our third quarter results as we continue to execute against our transformation strategy. A favorable economic backdrop together with the heroic performance of our frontline retail, distribution, and manufacturing teams contributed to these better-than-expected results,” said Vivek Sankaran, Chief Executive Officer. “Also driving these results was our continued focus on in-store excellence, acceleration of our digital and omnichannel capabilities, and delivery of our productivity initiatives. During the quarter, we continued to gain market share in both units and dollars and saw ongoing improvement in both the in-store and online customer experience.”
The impressive net sales result is compared to the $15.4 billion earned during the 12 weeks ended December 5, 2020, marking an increase of $1.3 billion. According to the report, sales related to stores acquired and opened since the third quarter of fiscal 2020 was a large contributor to this growth.
This increase can also be attributed to a number of other growth metrics:
- Identical sales increased 5.2 percent; on a two-year stacked basis identical sales growth was 17.5 percent
- Digital sales increased 9 percent; on a two-year stacked basis digital sales growth was 234 percent
- Net income of $425 million, or $0.74 per Class A common share
- Adjusted net income of $457 million, or $0.79 per Class A common share
- Adjusted EBITDA of $1,051 million
This growth is especially impressive as Albertsons has navigated a difficult time period during which higher supply chain costs and increased product prices posed challenges to the industry.
We will continue to keep an eye on the growth of Albertsons and other big-box retail chains, so don’t go anywhere.