It's another successful quarter in the books for Albertsons as the retailer has released its financial results for the third quarter of fiscal 2023 (12 weeks ended December 2, 2023). The chain revealed it hit $18.6 billion in net sales and other revenue during the period, a $400 million leap from the same quarter of fiscal 2022.
"We delivered another solid quarter amidst a challenging economic backdrop," said Vivek Sankaran, Chief Executive Officer. "We want to thank all our teams for their commitment to serving our customers and communities. 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."
This growth in net sales was primarily driven by the grocer’s 2.9 percent increase in identical sales. The company also continued to grow its digital business, seeing a 21 percent sales increase during the third quarter of fiscal 2023.
"While we are benefiting from our productivity initiatives, we expect to continue to see the impacts of investments in associate wages and benefits, cycling significant prior year food inflation, customers receiving less government assistance, the resumption of student loan payments and other types of payment deferrals, inflationary cost increases, and the outsized growth of our pharmacy and digital businesses as we continue to lean into increased customer engagement in our Customers for Life strategy," Sankaran continued.
Other key highlights from the report include:
Click here to read the full report.
Stay tuned to Deli Market News to see what Q4 held for Albertsons.
