Consumers turning to Albertsons during the COVID-19 pandemic boosted the supermarket operator’s first quarter sales and earnings.
Second quarter net income was $586.2 million, or $1 per diluted share, versus $49 million, or eight cents per diluted share, in the year-prior quarter. Adjusted net income was $801.2 million, or $1.35 per diluted share, versus $176.6 million, or 30 cents per diluted share, in the period a year before.
An analyst consensus estimate from Zacks Investment Research called for adjusted earnings per diluted share of $1.33.
Identical sales gained 26.5% while digital sales advanced 276%. Net sales were $22.75 billion versus $18.74 billion in the quarter a year earlier. Operating income was $971.8 million versus $321.5 million in the year-past period.
“I am inspired by the many ways my colleagues continue to step up to serve our customers and help our communities around the country during this time of need,” said Vivek Sankaran, president and CEO, Albertsons. “Their hard work and dedication have also allowed us to successfully navigate this extraordinary environment, and we have accelerated our digital and e-commerce strategy to adapt to market conditions. We generated strong financial performance in the first quarter, including robust cash flow and enhanced liquidity, which support our continued investment to benefit our associates, customers, communities and stockholders.”