Albertsons continues to play a waiting game as the Federal Trade Commission (FTC) ponders its $24.6 billion acquisition by Kroger, but yesterday it reported mixed Q2 results.
The company said that its Q2 net sales were $18.3 billion, up from $17.9 billion during the same period a year ago. Same-store sales for the period were up 2.9 percent, and digital sales were up 19 percent.
Q2 net income, however, was down - $266.9 million, compared with $342.7 million during the year-ago period.
Vivek Sankaran, CEO commented, "During the second quarter, we continued to execute against our Customers for Life transformation strategy and drive solid operating results, despite increasing macro-economic headwinds … As we look ahead to the balance of the year, our focus remains the same – advancing operational excellence in our stores, driving growth in our digital and pharmacy operations, and deepening our relationships with our customers."
Are they really "customers for life?" Whose life, exactly? Because if the FTC approves the acquisition - and I continue to be dubious that it will - then they'll actually be Kroger's customers, or C&S's customers, and it will be up to Kroger and C&S to earn their loyalty going forward.