Albertsons continued its sales and earnings growth momentum in the third quarter.
Sales and other revenue increased 1.9% to $14.1 billion during the third quarter ended November 30, 2019, compared to $13.8 billion during the previous third quarter. The increase was driven by the company’s 2.7% increase in identical sales, partially offset by a reduction in sales related to store closures since the third quarter of fiscal 2018 and lower fuel sales. The company also noted that online home delivery and Drive Up and Go sales growth increased 34%.
Net income was $54.8 million during the third quarter of fiscal 2019 compared to net income of $45.6 million during the third quarter of fiscal 2018.
“Our identical sales momentum continued in the third quarter, as our core business continues to deliver strong growth,” said Vivek Sankaran, president and CEO, Albertsons. “We are focused on providing our customers with an easy shopping experience, exciting merchandise and friendly customer service in our omnichannel shopping environment, and creating deep and lasting customer relationships. Our productivity and cost reduction initiatives are also beginning to take shape, which we intend to use to fund strategic growth investments, offset cost inflation and support earnings growth.”