Albertsons Companies (ACI) Q1 2022 Earnings Call Transcript

For the period ending June 18, 2022

July 26, 2022 8:30 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Melissa Plaisance

Good morning, and thank you for joining us for the Albertsons Companies' First Quarter 2022 Earnings Conference Call.

With me today from the company are Vivek Sankaran, our CEO; and Sharon McCollam, our President and CFO. Today, Vivek will share insight into our first quarter results as well as review our progress against our strategic priorities. Sharon will then provide the financial details of our first quarter before handing it back over to Vivek for some closing remarks. After management comments, we will conduct a Q&A session.

I would like to remind you that management may make statements during this call that are or could include forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not limited to historical facts but contain information about future operating or financial performance. Forward-looking statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to be materially different from those anticipated. These risks and uncertainties include those related to the COVID-19 pandemic.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are and will be contained from time to time in our SEC filings, including on Forms 10-Q, 10-K and 8-K. Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to update or revise any such statements as a result of new information, future events or otherwise.

Please keep in mind that included in the financial statements and management's prepared remarks are certain non-GAAP measures, and the historical financial information includes a reconciliation of net income to adjusted net income and adjusted EBITDA.

And with that, I will hand the call over to Vivek.

Vivek Sankaran

Thank you, Melissa. Good morning, everyone, and thanks for joining us today.

In the first quarter, our teams continued to deliver strong operating and financial performance across all key metrics. We want to thank all of our associates for their ongoing service to our customers and communities. We are so proud of their resilience, agility and passion for excellence in this challenging operating environment.

In Q1, ID sales increased 6.8% and we continue to gain market share in Food and MULO. We also maintained our number one or number two position in 68% of the 121 MSAs in which we operate. In addition, we delivered year-over-year adjusted EBITDA growth of 9% to $1.42 billion and adjusted EPS of $1 per share.