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Albertsons Companies, Inc. Reports Fourth Quarter and Full Year Results
Boise, ID - April 24, 2019
Albertsons Companies, Inc. (the "Company") today reported results for the fourth quarter of fiscal 2018 and full year fiscal 2018, which ended February 23, 2019.
Fourth Quarter and Fiscal 2018 Highlights

Identical sales increased 1.1% during the fourth quarter and increased 1.0% for the full year
Growth in GAAP pre-tax earnings in both the fourth quarter and full year
Adjusted EBITDA of $727 million in the fourth quarter and $2,741 million during the full year representing over 14% growth in fiscal 2018
eCommerce sales growth of 52% and 83% during the fourth quarter and full year, respectively
Continued strong Own Brands sales penetration of 25.2% in the fourth quarter
Total net debt to Adjusted EBITDA ratio reduced to 3.5x at the end of fiscal 2018

"We are very pleased with the trends in our business as demonstrated by our strong results in the fourth quarter and full year," said Jim Donald, President and Chief Executive Officer. "This performance in our core four-wall business is helping fund necessary investments into the business in both the four-wall and no-wall environments. We continue to delever the balance sheet with a total net debt to Adjusted EBITDA ratio of 3.5x at the end of fiscal 2018, and have a clear path for further reduction."

Fourth Quarter of Fiscal 2018 Results
Sales and other revenue was $14.0 billion during both the 12 weeks ended February 23, 2019 ("fourth quarter of fiscal 2018") and the 12 weeks ended February 24, 2018 ("fourth quarter of fiscal 2017"). The Company's identical sales increase of 1.1% was offset by a reduction in sales related to store closures.
Gross profit margin increased to 29.0% during the fourth quarter of fiscal 2018 compared to 28.1% during the fourth quarter of fiscal 2017. The Company's gross profit margin benefited from better than expected fuel gross profit margin during the fourth quarter of fiscal 2018. Excluding the impact of fuel, gross profit margin increased 50 basis points. The increase was primarily attributable to improved shrink expense as a percentage of sales, which improved 40 basis points compared to the fourth quarter of fiscal 2017, and improved product mix, including increased Own Brands penetration.
Selling and administrative expenses increased to 26.9% of sales during the fourth quarter of fiscal 2018 compared to 26.8% of sales for the fourth quarter of fiscal 2017. Excluding the impact of fuel, selling and administrative expenses as a percentage of sales were flat during the fourth quarter of fiscal 2018 compared to the fourth quarter of fiscal 2017. Though selling and administrative expenses were flat as a percentage of sales, the Company benefited from lower depreciation and amortization expense and the realization of the Company's cost reduction initiatives offset by higher employee-related costs (primarily incentive pay) during the fourth quarter of fiscal 2018 compared to the fourth quarter of fiscal 2017.
Interest expense was $168.3 million during the fourth quarter of fiscal 2018 compared to $195.6 million during the fourth quarter of fiscal 2017. The decrease in interest expense is primarily attributable to lower average outstanding borrowings compared to the fourth quarter of fiscal 2017 as a result of the Company's term loan paydown and other debt reduction during fiscal 2018. The weighted average interest rate during the fourth quarter of fiscal 2018 and the


The following information was filed by Albertsons Companies, Inc. on Wednesday, April 24, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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