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."
Kc's View:
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.
