Albertsons Companies reported strong results in Q1 of fiscal 2022, highlighted by a 6.8% increase in identical sales and a 28% increase in digital sales compared to the first quarter of fiscal 2021.
Total net income for Q1 was $484 million and adjusted net income was $582 million. Albertson’s reported net sales and other revenue was $23.3 billion for the period, an increase from $21.3 billion during the 16 weeks ended June 19, 2021.
“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," said Albertson’s CEO Vivek Sankaran. "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 backdrop in real time.”
The company’s fiscal results have prompted it to raise its 2022 outlook, including identical sales of approximately 3% to 4%, up from 2% to 3%, and adjusted EBITDA in the range of $4.25 billion to $4.35 billion, previously $4.15 billion to $4.25 billion.
Albertsons operates 2,273 retail food and drug stores across 34 states and the District of Columbia. Some of its 24 banners include Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb, Kings Food Markets and Balducci's Food Lovers Market.