Albertsons revenue tops expectations as digital sales surges
The company reported adjusted earnings per share of $0.55 for the quarter ended June 14, matching analyst estimates. Revenue came in at $24.88 billion, surpassing the consensus forecast of $24.68 billion and representing a 2.5% increase from the same period last year.
Identical store sales rose 2.8%, driven primarily by strong pharmacy sales, while digital sales surged 25% YoY. Albertsons (NYSE:ACI) shares fell 1.5% following the announcement.
"In the first quarter, we delivered solid operating and financial performance, while investing in our core operations and improving our customer value proposition," said Susan Morris, Chief Executive Officer. "Ongoing investments in our strategic priorities drove increased engagement across our digital platforms, evidenced by strong growth in our digital sales, pharmacy operations, and membership in our loyalty program."
Albertsons reported adjusted EBITDA of $1.11 billion, representing 4.5% of revenue, down from $1.18 billion or 4.9% of revenue in the first quarter of fiscal 2024. The company's gross margin rate decreased to 27.1% from 27.8% a year earlier, primarily due to investments in customer value proposition and growth in lower-margin pharmacy sales.
The grocery chain updated its fiscal 2025 identical sales growth forecast to a range of 2.0% to 2.75%, up from the previous guidance of 1.5% to 2.5%. Albertsons maintained its full-year adjusted earnings outlook of $2.03 to $2.16 per share, compared to the analyst consensus of $2.12.
Albertsons declared a quarterly dividend of $0.15 per share, payable on August 8 to shareholders of record as of July 25.
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