US-based food and drug retailer Albertsons has reported $24.1bn in net sales and other revenue for the first quarter (Q1) of fiscal year (FY) 2023, compared to $23.3bn in Q1 2022.
The company’s identical and digital sales for the period increased by 4.9% and 22%, respectively.
Net income for Q1 FY23 to decline to $417.2m from $484.2m in the corresponding period in FY22.
For the quarter ending 17 June 2023, the company’s earnings per share (EPS) was $0.72, against EPS of $0.84 in Q1 FY22.
Albertsons registered adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $1.31bn, which is 5.5% of net sales and other revenue in Q1 FY23.
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The retailer’s selling and administrative expenses dropped to 25% of net sales and other revenue in Q1 FY23 compared to 25.2% in the same period a year ago.
Over the quarter, Albertsons also saw its loyalty members grow by 16% to 35.9 million.
Albertsons CEO Vivek Sankaran said: “Our first quarter results demonstrate the resilience of our business and the effectiveness of our Customers for Life transformation strategy, even as the economic environment has become more challenging. We want to thank all our teams for their commitment to our customers and communities.
“As we look ahead to the balance of the year, we remain focused on driving operational excellence in our stores and continued growth in our digital and pharmacy operations. We will also continue to drive the initiatives supporting our Customers for Life strategy, including delivering on our customer promises, deepening our relationships with them and serving them where, when and how they want to be served.”
In October last year, Kroger entered a definitive agreement to acquire Albertsons in a deal that would combine the two grocery store chains.
However, the deal faced private antitrust action filed on behalf of 25 consumers in the US earlier this month.