Albertsons Reports $2B Gain in First Quarter Fiscal 2022 Results; Vivek Sankaran Details
BOISE, ID - Albertsons recently rolled out the results for its first quarter of fiscal 2022, which ended June 18, 2022. In the results, the company outlined a $2 billion increase compared to the 16 weeks ending June 19, 2021.
“In the first quarter, our teams continued to deliver strong operating and financial performance across all key metrics, and we continued to gain market share,” said Vivek Sankaran, Chief Executive Officer. “As we look forward to the balance of the year, while we are thoughtful about the macro environment and the possible implications on consumer behavior, our teams have consistently demonstrated their ability to adapt to a changing backdrop in real-time. This puts us in a strong position to continue to execute against our Customers for Life strategy, including more deeply engaging our customers both digitally and in-store and delivering against our productivity agenda. We are so proud of the resilience, agility, and passion of our teams and their ongoing service to our customers and communities.”
According to the results, net sales and other revenue were $23.3 billion during the 16 weeks ended June 18, 2022, compared to $21.3 billion during the 16 weeks ended June 19, 2021. The increase was driven by the company’s 6.8 percent increase in identical sales and higher fuel sales, with retail price inflation contributing to the identical sales increase.
Net income was $484.2 million, or $0.84 per share, during the first quarter of fiscal 2022 compared to $444.8 million, or $0.78 per share, during the first quarter of fiscal 2021.
Other key takeaways from the first quarter of fiscal 2022 include:
- Digital sales increased 28 percent
- Adjusted net income of $582 million, or $1.00 per share
- Adjusted EBITDA of $1,420 million
In connection with the company’s Board-led review of potential strategic alternatives to enhance its growth and maximize stockholder value, named Strategic Alternatives Review, the company engaged a third party to review the value of its real estate portfolio. The Board has not set a timetable for the conclusion of this review, nor has it made any decisions related to it at this time.
The retailer has also provided an updated fiscal 2022 outlook and now expects:
- Identical sales in fiscal 2022 of approximately 3 percent to 4 percent
- Adjusted EBITDA in the range of $4.25 billion to $4.35 billion
- Adjusted net income per share in the range of $2.80 to $2.95 per share
For a deeper dive on the grocer’s outcome, click here.
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