Albertsons Companies Boosts Annual Outlook On Solid Q1 Beat

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  • Albertsons Companies Inc ACI reported first-quarter FY22 sales growth of 9.6% year-on-year, to $23.31 billion, beating the consensus of $22.77 billion.
  • Identical sales increased by 6.8%, and digital sales increased by 5%.
  • Gross profit increased 5.7% Y/Y to $6.5 billion. Gross profit margin contracted 100 bps to 28.1%.
  • Selling and administrative expenses increased 6.6% Y/Y to $5.9 billion and were 25.2% of sales.
  • The operating margin was 3.3%, and operating income for the quarter rose 10.6% to $760.1 million.
  • Adjusted EPS of $1.00 beat the analyst consensus of $0.92.
  • Adjusted EBITDA for the quarter rose 8.6% Y/Y to $1.4 billion.
  • Net cash provided by operating activities declined 6.3% Y/Y to $991.9 million. The company held $3.2 billion in cash and equivalents as of June 18, 2022.
  • Outlook: Albertsons expects FY22 Identical sales growth of 3% - 4% (prior 2% to 3%).
  • The company raised the FY22 adjusted EPS outlook to $2.80 - $2.95 (previously $2.70 - $2.85) versus the consensus of $2.85.
  • ACI expects an Adjusted EBITDA of $4.25 billion - $4.35 billion (previously $4.15 billion to $4.25 billion).
  • Price Action: ACI shares are trading lower by 0.23% at $26.37 on the last check Tuesday.
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