Albertsons Reports Modest Revenue Gains In FYQ3

Revenue at Albertsons Companies grew in its fiscal year third quarter with growth in identical sales and digital sales cited as key drivers.

For the quarter ended December 2, net sales and other revenue was $18.6 billion, compared to $18.2 billion during the 12 weeks of the comparable quarter the previous fiscal year. Identical sales were up 2.9% and digital sales increased 21%. The company also reported a 17% increase in loyalty members. 

Net income was $361.4 million, or $0.62 per share, during the third quarter of fiscal 2023. Net income was $375.5 million, or $0.20 per share, during the third quarter of fiscal 2022. Net income per share during the third quarter of fiscal 2022 includes a $0.45 per share reduction related to the special cash dividend of $6.85 per share attributable to holders of convertible preferred stock on an as-converted basis.

"We delivered another solid quarter amidst a challenging economic backdrop," said Vivek Sankaran, Albertsons CEO. "As we look ahead, our ambition is to create Customers for Life, in part through our focus on operational excellence in our stores, driving growth in our digital and pharmacy operations, and deepening our relationships with our customers."

During the first 40 weeks of fiscal 2023, capital expenditures were $1.5 billion, which primarily included the completion of 115 remodels, the opening of five new stores and continued investment in the company’s digital and technology platforms.