Identical-store sales down at Albertsons

Albertsons Cos. reported its earnings for the third quarter of fiscal 2017, which found identical-store sales down 1.8 percent, despite what Albertsons Chairman and CEO Bob Miller called “significant promotional and pricing investments” during a Jan. 16 conference call. According to Miller, these investments drove the company’s third-quarter gross margin down 140 basis points from last year, and caused adjusted EBITDA of $429 million to come in below last year’s adjusted EBITDA by $246 million.

Read more about Albertsons' third-quarter performance in this story from our sister publication, Progressive Grocer.