US-based food and drug retailer Albertsons Companies has reported net income of $361.4m in the third quarter of fiscal 2023 (Q3 FY23), a slight decrease from $375.5m in the same period of fiscal 2022.
The retailer posted a net income per share of $0.62 in Q3 FY23, against $0.20 per share in the same period of 2022.
During the third quarter ending 2 December 2023, Albertsons saw its adjusted net income reach $462.3m, decreasing from $505.1m in Q3 FY22.
Its adjusted earnings before interest, taxes, depreciation and amortisation also experienced a decline at $1.106bn, representing 6% of net sales and other revenue.
The company’s net sales and other revenue increased to $18.6bn during Q3 FY23, up from $18.2bn in the corresponding period of the previous year.
The rise was attributed to a 2.9% increase in identical sales, bolstered by robust pharmacy sales.
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Albertsons also reported a 21% increase in digital sales in Q3 FY23.
Despite these gains, the gross margin rate saw a slight decrease to 28% in the quarter, down from 28.2% in the same quarter of the previous year.
The retailer’s selling and administrative expenses showed a positive trend, decreasing to 24.8% of net sales and other revenue in Q3 FY23.
The company operated 2,271 retail food and drug stores as of 2 December 2023.
Albertsons CEO Vivek Sankaran stated: “We delivered another solid quarter amidst a challenging economic backdrop. We want to thank all our teams for their commitment to serving our customers and communities.
“As we look ahead, our ambition is to create customers for life, in part through our focus on operational excellence in our stores, driving growth in our digital and pharmacy operations, and deepening our relationships with our customers.”