The
company's shares, which were listed on the New York Stock
Exchange in June, were up about 2% in premarket trading.
Albertsons, one of the largest food and drug retailers in the
country, has benefited from a shift toward shopping for
groceries online during the virus outbreak, as consumers stay
indoors and cook more meals at home.
"We have accelerated our digital and e-commerce strategy to
adapt to market conditions," Chief Executive Officer Vivek
Sankaran said.
The company's stores, including Albertsons, Safeway, Vons and
others, together saw e-commerce sales more than triple during
the quarter.
Boise, Idaho-based Albertsons said gross margins rose to 29.8%
from 28% a year earlier, due to reduced inventory shrinkage and
lower promotional activity.
Net sales and other revenue rose about 21% to $22.75 billion for
the first quarter ended June 20.
Net income rose to $586.2 million, or $1 per share, in the
reported quarter, from $49 million, or 8 cents per share, a year
earlier, when it recorded impairment losses.
On an adjusted basis, the company earned $1.35 per share, 5
cents above analysts' estimates, according to IBES data from
Refinitiv.
(Reporting by Nivedita Balu in Bengaluru; Editing by Shounak
Dasgupta)
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