(CTN News) – According to Albertsons’ Q3 report, released on Tuesday, the company reported strength in its net sales and revenueFederal Trade Commission is expected to decide on the $24.6 billion Kroger-Albertsons merger any day now.
For the 12-week period ending Dec. 2, 2023, Albertsons reported a net sales and revenue of $18.6 billion for the company, a 2% increase over the $18.2 billion recorded for the same quarter in 2022, according to the company.
As reported by Albertsons, the company’s net income for the quarter increased by $361 million, or $0.62 per share. The adjusted net income for the company was $462 million, or $0.79 per share, and the adjusted EBITDA for the company was $1.1 billion.
The company, which is owned by Albertsons, announced today that it saw a boost in revenue as a result of the growth of its digital and pharmacy operations.
This resulted in the identical sales metric, which is typically based on repeat sales in stores that have been operating for more than a year, growing by 2.9% for the quarter, while the digital sales metric experienced an astounding 21% growth rate.
“Despite the benefits we are seeing from our productivity initiatives, we expect to continue to see the impacts of investments in associate wages and benefits, cyclical significant prior year food inflation, the reduction in government assistance received by customers, and the impact of our productivity initiatives.
A statement released by Albertsons’ CEO Vivek Sankaran stated in a statement that the company is continuing to focus on increased customer engagement in its “customers for life” strategy by resuming student loan payments and deferring other types of payment deferrals, in addition to inflationary cost increases and the outsized growth of its pharmacy and digital businesses.
In addition to that, the grocer said it added 17% more loyalty members to its 38.5 million total over the quarter.