Albertsons Companies Q3 Earnings Top Estimates

Albertsons Companies Inc ACI reported third-quarter FY22 sales growth of 8.5% year-on-year, to $18.15 billion, beating the consensus of $17.64 billion. Identical sales increased 7.9% and digital sales rose 33%.
Gross margin rate contracted 70 basis points to 28.2%, primarily driven by increases in product, shrink and supply chain costs.
The operating margin was 3.2% and operating income for the quarter fell 2.9% to $582.4 million.
The company held $4.4 billion in cash and equivalents as of December 3, 2022.
Adjusted EBITDA of $1.2 billion increased 10.2% Y/Y. Adjusted EPS of $0.87 beat the analyst consensus of $0.67.
Number of stores at the end of quarter was 2,270. Inventories at the end of Q3 totaled $5.1 billion.
The company's Board has declared a cash dividend for the fourth quarter of fiscal 2022 of $0.12 per share of common stock, payable on February 10, 2023, to stockholders of record on January 26, 2023.
"Our investments in digital transformation, differentiation in Own Brands and Fresh offerings, and the modernization of our operational capabilities contributed to these results," said CEO Vivek Sankaran.
Also Read: Albertsons Will Report Continued Solid Q3 Earnings Aided By Macro Trends, Says Analyst
Price Action: ACI shares are trading higher by 0.12% at $20.94 on the last check Tuesday.
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