Albertsons Q4 Revenue Flat

Fiscal year fourth quarter sales at Albertsons were flat year-over-year as modest growth in identical sales were offset by lower fuel sales and wholesale revenue.

In the quarter ended February 24, net sales and other revenue was $18.3 billion. Net income was $250.5 million or $0.43 per share during the fourth quarter of fiscal 2023, compared with net income of $311.1 million, or $0.54 per share during the fourth quarter of fiscal 2022.

"We delivered another solid quarter amidst a difficult industry backdrop," said Vivek Sankaran, CEO of Albertsons. "Again this quarter, we focused on our strategy to create Customers for Life, which drove strong growth in digital and pharmacy, deepened our omnichannel relationships with our customers and improved our in-store experience.” 

For the full fiscal year, net sales and other revenue was $79.2 billion, up from net sales and other revenue of $77.6 billion for fiscal year 2022. Net income for the full year was $1.3 billion, down from net income of $1.5 billion in the prior fiscal year. 

Sankaran said the company was pleased with its fiscal 2023 financial results, particularly in omnichannel where the company increased its investments in technology, digital and in-store customer experience and supply chain operations. 

The Albertsons CEO said the company expects to face ongoing headwinds posed by investments in associate wages and benefits, cycling significant prior year food inflation, lower government assistance for our customers, declining COVID-related income, and the increasing mix of its pharmacy and digital businesses, which carry lower margins. “We expect these headwinds to be much stronger in the first half of fiscal 2024,” he said. “These headwinds are expected, however, to be partially offset by ongoing productivity initiatives.”