Albertsons Companies, Inc. ACI reported first-quarter net sales of $24.05 billion, beating the analyst consensus of $23.95 billion. Sales rose 3.17% Y/Y.
The company reported adjusted EPS of $0.93, beating the street view of $0.85.
The increase was driven by the company's 4.9% increase in identical sales, with retail price inflation across most categories, growth in pharmacy and increasing digital penetration contributing to the equivalent sales increase.
Gross margin fell 40 bps to 27.7% in the first quarter. Loyalty members increased 16% to 35.9 million.
Other net income was $16 million during the first quarter, higher than $6.3 million a year ago.
Adjusted EBITDA was $1.318 billion, lower than $1.420 billion a year ago. The Adjusted EBITDA decreased primarily due to fewer COVID-19 vaccinations and a reduced gross margin rate.
"We expect a continued decline in providing COVID-19 vaccinations and at-home test kits, resulting in an approximate $130 million headwind to Adjusted EBITDA for the remaining three quarters of fiscal 2023," the company said.
Albertsons Price Action: ACI shares are trading lower by 1.32% to $21.73 on the last check Tuesday.
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