With identical sales positive after a big leap in the year-past period, Albertsons Cos. made big gains in the fourth quarter that included turning around a GAAP loss.
Net income was $455.1 million, or 79 cents per diluted share, versus a net loss of $144.2 million, or 37 cents per diluted share, in the year-before period.
Net income adjusted for one-time events was $436.8 million or 75 cents per diluted share compared to $347.2 million, or 60 cents per diluted share, in the fourth quarter of fiscal 2020, Albertsons reported.
An analyst consensus estimate published by MarketBeat called for adjusted diluted earnings per share of 65 cents and revenues of $16.85 billion.
Identical sales increased 7.5% or, on a two-year stacked basis, 19.3%, Albertsons indicated. Digital sales increased 5%, or, on a two-year stacked basis, 287%.
Net sales were $17.38 billion versus $15.77 billion in the year-earlier quarter, the company stated. Operating income was $664.3 billion versus an operating loss of $174.8 billion in the year-prior period.
For the full year, net income was $1.62 billion, or $2.70 per share, versus $850.2 million, or $1.47 per diluted share, in the year before.
Adjusted net income was $1.78 billion, or $3.07 per share, compared to $1.89 billion, or $3.24 per diluted share, Albertsons maintained.
Identical sales decreased 0.1% or, on a two-year stacked basis, gained 16.8%, according to Albertsons. Digital sales increased 5% or, on a two-year stacked basis, 263%.
Net sales were $71.89 billion versus $69.69 billion in the year-earlier, the company noted. Operating income was $2.44 billion versus $1.62 billion in the prior year.
“We are pleased with our fourth quarter and full-year 2021 results and the continuing momentum we are seeing as we enter 2022,” said Vivek Sankaran, Albertsons CEO. “Our strategy is working, and we are executing well against industry-wide pressures. We want to recognize and thank all of our retail, distribution and manufacturing teams for their commitment to and care of our customers and their communities.”