Albertsons has reported a strong Q4 performance, with revenue rising 2.5% to $18.8 billion, driven by a 2.3% increase in identical sales. Additionally, digital sales in Q4 skyrocketed by 24%, while loyalty numbers also increased by 15% to $45.6 million.
Vivek Sankaran, CEO of Albertsons, said, “We delivered solid results in the fourth quarter and closed fiscal 2024 with positive momentum as we continued to invest in our Customers for Life strategy.”
“This strategy has firmly positioned the company for its next chapter of growth and value creation for shareholders.”
For the full fiscal year, the grocery retailer saw its revenue rise by 1.5% to $80.4 billion, while its net income dropped by 26% to $960 million. The company also saw its sales inch up by 2% and digital sales rise by 24%.
Meanwhile, the company is set to undergo a leadership transformation, with COO Susan Morris stepping into the role of CEO effective on May 1.
Morris added, “I am thrilled to be taking the helm of our Company during this transformational time in our Customers for Life strategy.”
“As we look forward to fiscal 2025 and beyond, we are excited about the investments we have made in our core business, including the growth opportunity inherent in our digital platforms working together to generate deeper engagement, increased digital inventory, and acceleration of growth in the Albertsons Media Collective.”
Recently, the grocery retailer also expanded access to its FreshPass subscription by offering eligible SNAP recipients a 50% discount, aligning with its commitment to community development.
Albertsons currently operates over 2,200 stores across 34 states.
Click here to sign up to Retail Gazette‘s free daily email newsletter
