Albertsons Q3 Profit Tops Estimates

Food and drug retailer Albertsons Companies, Inc. (ACI) reported third quarter adjusted net income of $505.1 million, or $0.87 per share, compared to $457.2 million, or $0.79 per share, last year. On average, 16 analysts polled by Thomson Reuters expected the company to report profit per share of $0.67, for the quarter. Analysts' estimates typically exclude special items. Excluding the impact of fuel and LIFO expense, gross margin rate decreased 47 basis points from a year ago.

Net income was $375.5 million, or $0.20 per share, compared to $424.5 million, or $0.74 per share, prior year.

Net sales and other revenue was $18.2 billion compared to $16.7 billion, a year ago. The company said the increase was driven by 7.9% increase in identical sales and higher fuel sales, with retail price inflation as the primary driver of the identical sales increase. Analysts on average had estimated $17.64 billion in revenue.

Vivek Sankaran, CEO, said: "Our investments in digital transformation, differentiation in Own Brands and Fresh offerings, and the modernization of our operational capabilities contributed to these results."

Albertsons also announced its Board has declared a cash dividend for the fourth quarter of fiscal 2022 of $0.12 per share of common stock. The cash dividend is payable on February 10, 2023 to stockholders of record as of the close of business on January 26, 2023.

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