Albertsons drove sales momentum into the first quarter, as the supermarket retailer continued to expand its e-commerce and digital operations.
Sales and other revenue increased 0.5% to $18.74 billion during first quarter ended June 15, 2019, compared to $18.65 billion in sales during the previous first quarter. The increase was driven by the company’s 1.5% increase in identical sales, partially offset by a reduction in sales related to the stores closed in fiscal 2018 and the first quarter of fiscal 2019.
Net income was $49 million during the first quarter of fiscal 2019 compared to a net loss of $17.7 million during the first quarter of fiscal 2018.
During the first quarter of fiscal 2019, the company invested approximately $362 million in capital expenditures, which included investments in strategic technology, including in e-commerce and digital capabilities, and the completion of 28 remodel projects and the opening of six new stores.
“I am pleased with the position of our business at Albertsons Companies,” said Vivek Sankaran, president and CEO, Albertsons. “Identical sales were positive for the sixth consecutive quarter, and we continue to expand our e-commerce and digital capabilities. We are focused on our sales momentum and will continue to elevate the end-to-end customer experience as we work to create a next-generation food retailer. We recognize the ever-changing retail consumer and are working swiftly to adapt our business to allow customers to shop with us whenever, wherever and however they want. We also continue to delever the balance sheet, which will reduce interest expense and increase financial flexibility.”