Albertsons Reports Second Quarter Results
BOISE, ID - Albertsons recently reported its second quarter results—the first report after its failed merger attempt with Rite Aid. For the quarter ending September 8, revenue totaled $14.02 billion, up 1.4% from $13.83 billion a year earlier. Identical-store sales went up 1% year over year and the company’s e-commerce sales growth increased by 113%.
“We are pleased with our second-quarter results, as identical sales grew for the third consecutive quarter and adjusted EBITDA grew over 13% in the quarter compared to last year,” CEO Jim Donald said in a statement. “We are energized and enthusiastic about our company and our ability to generate free cash flow and delever our balance sheet. The team continues to innovate through our digital engagement with customers—in both the four-wall and no-wall environment—through our continued expansion of natural and organic own-brand offerings and through the automation of our distribution centers, which we believe will deliver strong returns going forward.”
Highlights from the company’s quarterly report include the following:
- Adjusted EBITDA increased 13.1% to $548.6 million, compared with $485.2 million, or 3.5% of sales, a year earlier
- Sales and other revenue increased $192.4 million, or 1.4%, to $14.0 billion during the 12 weeks ending September 8, 2018
- Gross profit margin increased to 27.2% during the second quarter of fiscal 2018, compared to 27.0% during the second quarter of fiscal 2017
- Net loss was $32.4 million in the second quarter of fiscal 2018 compared to net loss of $355.2 million in the second quarter of fiscal 2017
- Store conversions to Safeway IT systems fully complete
Donald added, “We are also thrilled to have completed our store systems conversions related to the Safeway integration, which will allow our operators to relentlessly focus on running great stores.”
To read the report in its entirety, click here.
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