Albertsons Q2 Loss Shrinks

Citing broad financial improvement, Albertsons posted a net loss of $32.4 million in the second quarter ended September 8 versus a net loss of $355.2 million in the fiscal 2017 period.

Identical store sales increased 1% in the quarter year over year.

Sales and other revenue advanced 1.4%, to $14 billion in the period, driven by an increase in fuel sales of $140.3 million and the company’s 1% increase in identical sales, partially offset by a reduction in sales related to the closure of 30 stores in the first two quarters of fiscal 2018. Operating income was $131.4 billion versus an operating loss of $219.8 million, in the quarter a year prior.

E-commerce sales grew by 113%, Albertsons added.

“We are pleased with our second quarter results as identical sales grew for the third consecutive quarter and adjusted EBITDA grew over 13% in the quarter compared to last year,” said Jim Donald, Albertson’s CEO. “We are energized and enthusiastic about our company and our ability to generate free cash flow and de-lever our balance sheet. The team continues to innovate through our digital engagement with customers in both the four-wall and no-wall environment, through our continued expansion of natural and organic Own Brands offerings and through the automation of our distribution centers, which we believe will deliver strong returns going forward. We are also thrilled to have completed our store systems conversions related to the Safeway integration, which will allow our operators to relentlessly focus on running great stores.”