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Albertson’s Posts Q1 Financial Results


In a July 26th release, Albertson’s Companies (ACI) posted financial results for the first quarter of fiscal 2022 ending June 18th 2021. This Company can be regarded as a bellwether for the retail food industry subject to increased costs of ingredients, labor, packaging and transport in a competitive consumer environment impacted by inflation.


Albertsons operates 21 banners including Albertson’s, Safeway, Von’s, Acme, Jewel-Osco and Shaw’s. Albertson’s Companies posted a 6.8 percent increase in same-store sales with a 28 percent increase in digital sales over the first quarter of 2021.


For the period, net revenue was $484.2 million on total revenue of $23,310 million.  Comparable figures for the first quarter of fiscal 2021 ending June 19th 2020 were net income of $448.8 million on total revenue of $21,269 million. Diluted EPS rose from $0.78 for the first quarter of fiscal 2021 to $0.84 for the most recent quarter. Gross margin declined from 29.1 percent to 28.1 percent denoting escalation in cost of goods sold due to inflation. During the most recent quarter Albertsons recorded a $79 million gain on property disposition and $6 million in the ‘other income’ category. During the first quarter of 2021 ‘other income’ attained $43 million.


In commenting on results CEO Vivek Sankaran stated, "In the first quarter, our teams continued to deliver strong operating and financial performance across all key metrics, and we continued to gain market share," He continued "As we look forward to the balance of the year, while we are thoughtful about the macro environment and the possible implications on consumer behavior, our teams have consistently demonstrated their ability to adapt to a changing back drop in real time. This puts us in a strong position to continue to execute against our Customers for Life strategy, including more deeply engaging our customers both digitally and in-store and delivering against our productivity agenda. We are so proud of the resilience, agility and passion of our teams and their ongoing service to our customers and communities."


Albertson’s Companies posted assets of $28,228 million, against long-term debt and lease obligations of $12,618 million ($15,880 million in Q1 2021). The Company had an intraday market capitalization of $14,340 million on January 14th. ACI trades with a forward P/E of 12.0 and has ranged over a 52-week period from $15.97 to $37.85 with a 50-day moving average of $37.44.  Twelve-month trailing operating margin was 3.2 percent and profit margin 1.5 percent.  Return on assets over the past twelve months was 5.1 percent and the return on equity 29.6 percent.