Albertsons Companies Inc. (NYSE:ACI) noticed its shares plunge early Tuesday, shortly after releasing third-quarter financial figures.
The company reported identical sales increased 5.2%. On a two-year stacked basis identical sales growth was 17.5%
Digital sales increased 9%; on a two-year stacked basis digital sales growth was 234%
Net income of $425 million, or $0.74 per Class A common share
Adjusted net income was $457 million, or $0.79 per Class A common share
Adjusted EBITDA was $1,051 million.
Gross margin rate decreased to 28.9% during the third quarter of fiscal 2021 compared to 29.3% during the third quarter of fiscal 2020. Excluding the impact of fuel, gross margin rate increased 10 basis points compared to the third quarter of fiscal 2020.
The increase in gross margin rate was primarily due to productivity initiatives, improved pharmacy margins related to administering COVID-19 vaccines and favorable product mix, largely offset by lower gross margin rates across certain product categories due to the rate impact of increased product costs driven by the current inflationary environment, as well as higher supply chain costs.
"We are pleased with our third quarter results as we continue to execute against our transformation strategy. A favorable economic backdrop together with the heroic performance of our frontline retail, distribution, and manufacturing teams contributed to these better-than-expected results," said CEO Vivek Sankaran.
"During the quarter, we continued to gain market share in both units and dollars and saw ongoing improvement in both the in-store and online customer experience."
ACI shares opened Tuesday down $1.18, or 3.7%, to $30.72.
