Albertsons Cos. Inc. saw a positive first quarter, driven by identical sales as well as digital and e-commerce growth, the company said.
According to President and CEO Vivek Sankaran's first financial remarks in his position—he was appointed in March—the retailer is continuing to expand its digital and e-commerce capabilities and is also focusing on sales momentum as it works to elevate the end-to-end customer experience.
Sales and other revenue increased 0.5% to $18.74 billion in the 16 weeks ending June 15, which was driven by an identical sales increase of 1.5% but partially offset by store closings.
Digital and e-commerce sales grew by 33% and store brand sales penetration reached 24.3% after the retailer revamped its private label line and added more than 300 new products this spring.
The company saw net income of $49.0 million compared to a net loss of $17.7 million last year. Adjusted EBITDA increased 7.5% to $877 million compared to last year.
"We recognize the ever-changing retail consumer and are working swiftly to adapt our business to allow customers to shop with us whenever, wherever and however they want," Sankaran said. Albertsons will also continue to delever its balance sheet, he said, "which will reduce interest expense and increase financial flexibility."