Albertsons’ latest milestone comes in the form of a $2 billion gain. This recent increase was revealed as the grocer rolled out the results for its first quarter of fiscal 2022, ending June 18, 2022.
“In the first quarter, our teams continued to deliver strong operating and financial performance across all key metrics, and we continued to gain market share,” commented Vivek Sankaran, Chief Executive Officer. “As we look forward to the balance of the year, while we are thoughtful about the macro environment and the possible implications on consumer behavior, our teams have consistently demonstrated their ability to adapt to a changing backdrop in real-time. This puts us in a strong position to continue to execute against our Customers for Life strategy, including more deeply engaging our customers both digitally and in-store and delivering against our productivity agenda. We are so proud of the resilience, agility, and passion of our teams and their ongoing service to our customers and communities.”
Albertsons’ net sales and other revenue were $23.3 billion during the 16 weeks ended June 18, 2022, compared to $21.3 billion during the 16 weeks ended June 19, 2021, a press release noted. The increase was driven by the company’s 6.8 percent increase in identical sales and higher fuel sales, with retail price inflation contributing to the identical sales increase.
Net income was $484.2 million, or $0.84 per share, during the first quarter of fiscal 2022 compared to $444.8 million, or $0.78 per share, during the first quarter of fiscal 2021.
Other key takeaways from the first quarter of fiscal 2022 include:
The retailer has also provided an updated fiscal 2022 outlook and now expects identical sales in fiscal 2022 of approximately 3 percent to 4 percent, adjusted EBITDA in the range of $4.25 billion to $4.35 billion, and adjusted net income per share in the range of $2.80 to $2.95 per share.
To get a closer look at the retailer’s Q1 fiscal results, click here.
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