Albertsons Companies has posted another sales growth in the third quarter as the company continued to invest in technology and AI.
The food and drug retailer saw net sales increase 1.9 per cent to $19.1 billion for the 12 weeks ended November 29, driven by a 2.4 per cent uplift in identical sales and partially offset by store closures and lower fuel sales.
Strong growth in pharmacy sales was the primary driver of the higher identical sales. Digital sales continued to expand with a 21 per cent improvement.
“Our investments in technology and AI are fundamentally reshaping how we operate and serve our customers; driving smarter decisions, greater efficiency, and more personalized experiences,” said CEO Susan Morris.
“Growth in our digital and pharmacy channels, combined with disciplined execution and targeted investments, is strengthening our value proposition and positioning us for success,” Morris added.
Despite the sales growth, Albertsons’ net income went down from $400.6 million in the year-ago period to $293.3 million.
The company has lowered its full-year guidance, expecting identical sales growth of 2.2-2.5 per cent, compared to the prior 2.2-2.75 per cent range. This reflects the impact of the Inflation Reduction Act’s Medicare Drug Price Negotiation Program, which took effect on January 1, resulting in lower pharmacy sales.
