Albertsons Gains Momentum In Q2

Albertsons gained momentum in its second quarter, with solid gains in net income and identical store sales.

Sales and other revenue increased 1.1% to $14.2 billion during the 12 weeks ended September 7, 2019 compared to $14 billion during the 12 weeks ended September 8, 2018. The increase was driven by the company’s 2.4% increase in identical sales, partially offset by a reduction in sales related to the stores closed since the second quarter of fiscal 2018 and lower fuel sales. The identical sales benefited from increases in Own Brands sales and the company’s 40% growth in online home delivery and “Drive Up and Go” sales.

Net income was $294.8 million during the second quarter of fiscal 2019 compared to a net loss of $32.4 million during the second quarter of fiscal 2018.

“The strong momentum in the business continued in the second quarter,” said Vivek Sankaran, president and CEO, Albertsons. “Our identical sales were positive for the seventh consecutive quarter and represented our strongest identical sales performance in over three years as we continue to elevate the shopping experience for our customers. We are focused on driving sales growth by running the best stores, growing our loyal customer base, winning in e-commerce, and enhancing our Own Brands portfolio. At the same time, we are making strategic investments in the business to better leverage our scale, which are improving productivity and driving cost reductions.”