As Albertsons’ new CEO prepares to take the reins, the supermarket operator posted overall revenue and identical sales gains against an earnings slip that still beat Wall Street expectations.
Net income was $171.8 million, or 29 cents per diluted share, versus $250.5 million, or 43 cents per diluted share, in the year-earlier quarter, the company reported. Adjusted net income was $269.5 million, or 46 cents per diluted share, versus $318 million, or 54 cents per diluted share, in the year-prior period.
A Zacks Investment Research analyst consensus estimate was for fourth quarter earnings of 40 cents per adjusted diluted share and revenue of $18.63 billion.
Identical sales increased 2.3%. Net revenue was $18.8 billion versus $18.34 billion in the year-before quarter. Operating income was $276 million versus $426.2 million in the year-previous period.
Albertsons noted that in the quarter, digital sales increased 24% as loyalty membership increased 15% to 45.6 million versus the quarter a year past.
Net income was $958.6 million, or $1.64 per diluted share, versus $1.3 billion, or $2.23 per diluted share, in the year earlier, the company indicated. Adjusted net income was $1.38 billion, or $2.34 per diluted share, versus $1.69 billion, or $2.88 per diluted share, in the year prior.
Net revenue was $80.39 billion versus $79.24 billion in the year before. Operating income was $1.55 billion versus $2.07 billion in the year previous.
“We delivered solid results in the fourth quarter and closed fiscal 2024 with positive momentum as we continued to invest in our ‘Customers for Life’ strategy,” said Vivek Sankaran, CEO. “This strategy has firmly positioned the company for its next chapter of growth and value creation for shareholders. As previously announced, I am retiring as of May 1, 2025, and am delighted that the board of directors has selected Susan Morris to succeed me as CEO. Under Susan’s leadership, I have the utmost confidence that she and the entire team will continue to drive future growth and continue to elevate our role with our customers and our communities.”
Morris, COO and incoming CEO, said, “I am thrilled to be taking the helm of our company during this transformational time in our Customers for Life strategy. As we look forward to fiscal 2025 and beyond, we are excited about the investments we have made in our core business, including the growth opportunity inherent in our digital platforms working together to generate deeper engagement, increased digital inventory and acceleration of growth in the Albertsons Media Collective. While fiscal 2025 will be an investment year, beginning in fiscal 2026 we expect to drive growth consistent with our long-term algorithm of two-plus percent identical sales and adjusted EBITDA growth higher than identical sales growth.”
