Albertsons Posts Big Q3 Comp, Digital Sales Gains

Double-digit identical store sales helped drive Albertsons Cos. fiscal third-quarter profits past a Wall Street estimate.

Net income in the quarter was $123.7 million, or 20 cents per diluted share, versus $54.8 million, or nine cents per diluted share for the fiscal 2019 period, the company stated.

Adjusted net income was $386.6 million, or 66 cents per diluted share, versus $142.2 million, or 24 cents per diluted share, in the 2019 period.

Albertson’s adjusted diluted earnings per share topped a MarketBeat analyst consensus estimate of 42 cents.

Identical sales gained 12.3%, according to Albertsons, while digital sales grew 225%.

Net revenue came in at $15.41 billion compared to $14.1 billion in the year-earlier quarter, the company reported. Operating income was $258.5 million versus $206.6 million in the period a year prior.

“Our constant focus on our customers continued to drive strong growth and market share gains in the third quarter,” Vivek Sankaran, Albertsons president and CEO, said in announcing the financial results. “It is clear that our strategy is working, and as we continue to execute on our strategic priorities, we believe we are well positioned to deliver sustainable growth over the long term. At the same time, we remain focused on delivering value to all stakeholders, including taking care of our customers, associates and the communities we serve as we continue to navigate through the pandemic.”