By Jeff Wells
Source: Grocery Dive
- Albertsons CEO Vivek Sankaran said during the company’s third-quarter earnings call on Tuesday that the grocer is seeing “strong” consumer engagement and “stable” consumption patterns in recent weeks amid record-high inflation.
- But he said those trends could change as inflation continues to rise. On Wednesday, the U.S. Bureau of Labor Statistics reported the consumer price index (CPI) rose 7% in December on an annual basis.
- Albertsons beat Wall Street expectations in Q3, with identical sales up 5.2% and net sales of $16.7 billion. Net income was $425 million while gross margins fell to 28.9% compared to 29.3% during the year-ago period.
