Own Brands Cited As Key Factor in Albertsons Companies' Q3 Sales Growth

Third quarter sales at Albertsons Companies were up year-over-year as growth in same-store sales coupled with higher fuel sales were cited by company officials as key drivers of growth.

For the 12-week period ended Dec. 3, net sales and other revenue was $18.2 billion, up over the $16.7 billion in net sales and other revenue reported in the third quarter of 2021. Identical sales were up 7.9%.

Net income was $375.5 million, or $0.20 per share, during the third quarter of fiscal 2022 compared to $424.5 million, or $0.74 per share, during the third quarter of fiscal 2021. Net income per share during the third quarter of fiscal 2022 includes a $0.45 per share reduction related to the Special Dividend that is attributable to holders of convertible preferred stock on an as-converted basis.

"Our team continues to deliver strong performance as we execute against our Customers for Life strategy and bring people together around the joys of food and inspire well-being," said Vivek Sankaran, CEO. "Our investments in digital transformation, differentiation in own brands and fresh offerings, and the modernization of our operational capabilities contributed to these results."

Sankaran said the company believes that the aforementioned initiatives position Albertsons to drive top-line growth and deepen its customer and community engagement online and in-store.

“Our ongoing productivity engine is expected to continue to support our investments and partially offset anticipated inflationary cost increases, declines in COVID-19 vaccination and at-home test kit revenue, and macro-consumer headwinds,” he said.

As of Dec. 3, Albertsons Companies operated 2,270 retail food and drug stores with 1,720 pharmacies, 402 associated fuel centers, 22 dedicated distribution centers and 19 manufacturing facilities located in 34 states and the District of Columbia.