Albertsons Companies gained traction in its third quarter, as the supermarket retailer posted both store and online sales growth.
Sales and other revenue increased 1.8% to $13.8 billion during the third quarter ended December 1, 2018 compared to $13.6 billion during the previous third quarter. The increase was driven by the company’s 1.9% increase in identical sales and higher fuel sales of $91.7 million, partially offset by a reduction in sales related to the stores closed in the first three quarters of fiscal 2018. The company noted that it had ecommerce sales growth of 73% in the quarter.
Net income was $45.6 million during the third quarter of fiscal 2018 compared to net income of $218.1 million during the third quarter of fiscal 2017.
“We continue to gain traction in our efforts to deliver a seamless shopping experience for our customers in both the four-wall and no-wall environment,” said Jim Donald, president and CEO of Albertsons. “The third quarter marked our strongest identical sales increase since the first quarter of fiscal 2016. Identical sales grew for the fourth consecutive quarter, and adjusted EBITDA grew over 50% compared to the same quarter last year, as the business has rebounded from fiscal 2017. We achieved a record high sales penetration rate on our Own Brands products as we continue to delight our customers with our portfolio of award winning brands. We also successfully refinanced our term loan and asset-based loan facilities during the quarter as we secure long-term financing and delever our balance sheet.”