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In one year, Albertsons swings from loss to profit in second-quarter results

Idaho Business pres. by My 102.7

Boise-based Albertsons Companies, the large privately-held grocer, reported its second-quarter earnings Wednesday.

The grocer saw strong results, with the seventh consecutive quarter of growth in so-called “same-store” sales – the money it makes off stores open at least a year.

In the second quarter of 2018, Albertsons lost $32 million – but this year raked in $249.8 million of net income.

The company cited the growth of eCommerce and its store brand for part of the profit growth. It also said it is investing for the future. It said nearly 25% of purchases include one of its private labels like Signature Select or O Organics.

[Albertsons tweaks and expands lineup of store brands]

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“We are making strategic investments in the business to better leverage our scale, which are improving productivity and driving cost reductions,” company CEO Vivek Sankaran said in a prepared statement

The company, which remains under a heavy debt load from its acquisition of Safeway and other moves in recent years. It cut about $1.8 billion from its debt load this year – bringing it under the $10 billion mark.

[Is that a robot rolling down the aisle at Albertsons? Yep. Here’s what it’s for]

Albertsons is the nation’s third-largest private company. It has more than 267,000 employees with more than 3,000 in Idaho. It operates nearly 2,300 stores across the country, under brands like Safeway, Tom Thumb, Jewel and Osco. Joe Albertson founded the company 80 years ago in Boise, in 1939.

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