Albertsons was out with its second quarter results yesterday, saying that online sales alone were up 243 percent compared to the same period a year ago - suggesting that the acceleration of this part of its business, driven by pandemic-induced changed consumer needs, continues.
Q2 sales and other revenue increased 11.2 percent to $15.8 billion, on same-store sales that were up 13.8 percent compared to same period a year ago.
Albertsons said that "net income was $284.5 million during the second quarter of fiscal 2020 compared to $294.8 million during the second quarter of fiscal 2019," but noted that "net income for the second quarter of fiscal 2019 included the benefit of gains related to sale leaseback transactions."
"We continue to successfully execute against our strategic priorities, which translated into outstanding second quarter results. We have a value proposition that is resonating with customers and driving market share gains across all of our markets," said Vivek Sankaran, President and CEO, who described the company as being "in the early stages of a transformation to become a modern, growing food retailer."
- KC's View:
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If the notion of modernity is constantly changing - in fact, changes every day because the future always is in front of us - then in some ways Albertsons always will be in the early stages of transformation.
That's a healthy place to be, I think. It reinforces the idea that we always have to be transforming, that there always is considerable work ahead, and that we never are a finished product but rather a work in progress.
To think of one's business as anything else is arrogant presumption.
