Though there are headwinds in the financial forecast, Albertsons Companies has reported the first quarter of its fiscal 2024 on a positive note and with confidence from its leadership.
"In the first quarter of fiscal 2024, we continued to invest in our Customers for Life strategy and the digital and omnichannel capabilities necessary to support it," said Vivek Sankaran, Chief Executive Officer for the retailer. "Our Customers for Life strategy is placing the customer at the center of everything we do, and we continued to drive strong year-over-year growth in loyalty members as we launched our new simplified 'for U' loyalty program. Amidst an evolving economic and industry backdrop, we continued to deliver outsized growth in our digital and pharmacy businesses."
The company’s net sales and other revenue reached $24.3 billion during the 16 weeks ended June 15, 2024, compared to $24.1 billion during the 16 weeks ended June 17, 2023, a press release stated.
Additional first quarter highlights the company particularly named included:
"We want to thank our teams for their ongoing commitment to serving our customers and supporting our communities,” Sankaran included in his statement. "As we look ahead to the balance of fiscal 2024, we expect to see continuing headwinds related to investments in associate wages and benefits, an increasing mix of our pharmacy and digital businesses which carry lower margins, and the cycling of prior year food inflation. We expect these headwinds to be partially offset by ongoing productivity initiatives."
You can find a detailed breakdown in the full release here. As Albertsons heads into a key chapter of its business history, Deli Market News will continue to report the latest.
