In a quarter when shoppers shifted to food and consumable purchasing under the pressure of inflation, Albertsons Cos. posted satisfying sales and earnings, beating Wall Street estimates.
Net income was $484.2 million, or 84 cents per share, versus $444.8 million, or 78 cents per share, in the year-before quarter. Adjusted net income was $582 million, or $1 per share, as compared to $517.5 million, or 89 cents per share, in the year-previous quarter, the company reported.
Albertsons surpassed a MarketBeat-published analyst consensus earnings estimate of 92 cents per adjusted share and a revenue estimate of $22.77 billion.
Identical store sales increased 6.8% in the quarter year over year. Net sales and other revenue were $23.31 billion versus $21.27 billion in the prior-year quarter. Idents, higher fuel sales, and retail price inflation contributed to the higher net sales. Operating income was $760.1 million as compared to $687.1 million in the year-earlier period.
“In the first quarter, our teams continued to deliver strong operating and financial performance across all key metrics, and we continued to gain market share,” said Vivek Sankaran, Albertsons CEO, in announcing the financial results. “As we look forward to the balance of the year, while we are thoughtful about the macro environment and the possible implications on consumer behavior, our teams have consistently demonstrated their ability to adapt to a changing backdrop in real time. This puts us in a strong position to continue to execute against our Customers for Life strategy, including more deeply engaging our customers both digitally and in-store, and delivering against our productivity agenda. We are so proud of the resilience, agility and passion of our teams and their ongoing service to our customers and communities.”
