BOISE, ID - Albertsons Companies’ first quarter of fiscal 2024 has been decorated by successful strategies and sales lifts. The retail chain recently shared a look at its Q1 fiscal 2024—which ended June 15—in which it reported net income of $241 million for the quarter.
"In the first quarter of fiscal 2024, we continued to invest in our Customers for Life strategy and the digital and omnichannel capabilities necessary to support it," said Vivek Sankaran, Chief Executive Officer. "Our Customers for Life strategy is placing the customer at the center of everything we do, and we continued to drive strong year-over-year growth in loyalty members as we launched our new simplified 'for U' loyalty program. Amidst an evolving economic and industry backdrop, we continued to deliver outsized growth in our digital and pharmacy businesses."
Albertsons shared the following highlights from its financial report:
- Net income of $241 million, or $0.41 per share
- Identical sales increased 1.4 percent
- Digital sales increased 23 percent
- Loyalty members increased 15 percent to 41.4 million
- Adjusted net income of $392 million, or $0.66 per share
- Adjusted EBITDA of $1,184 million
The company’s net sales and other revenue reached $24.3 billion during the 16 weeks ended June 15, 2024, compared to $24.1 billion during the 16 weeks ended June 17, 2023, a press release stated.
"We want to thank our teams for their ongoing commitment to serving our customers and supporting our communities,” Sankaran continued. "As we look ahead to the balance of fiscal 2024, we expect to see continuing headwinds related to investments in associate wages and benefits, an increasing mix of our pharmacy and digital businesses which carry lower margins, and the cycling of prior year food inflation. We expect these headwinds to be partially offset by ongoing productivity initiatives."
To dive further into the retailer’s financial report, click here.
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