Albertsons Companies, Inc. Reports Fourth Quarter and Full Year Results

Provides Fiscal 2020 Outlook and Business Update on COVID-19
Boise, ID - April 30, 2020
Albertsons Companies, Inc. (the "Company") today reported results for the fourth quarter of fiscal 2019 and full year fiscal 2019, which ended February 29, 2020 and included 13 and 53 weeks, respectively. The Company also provided a fiscal 2020 outlook and an update on the business in response to the COVID-19 pandemic.
Fourth Quarter 2019 Highlights
Identical sales growth of 1.8%; ninth consecutive quarter of identical sales growth
Net income of $68 million
Adjusted EBITDA of $756 million; slightly ahead of our expectations
Digital sales growth of 32%
Just for U registrations and digital coupon redemptions up 26% and 37%, respectively
Fiscal 2019 Highlights
Identical sales growth of 2.1%
Net income of $466 million
Adjusted EBITDA of $2,834 million
Digital sales growth of 39%
Total net leverage reduced to 2.9x, an improvement from 3.5x a year ago

"We are pleased that our momentum continued as we closed fiscal 2019, with improved performance on the top and bottom line. However, the world has changed since then, and we are heavily focused on supporting our associates, our customers and the communities we serve as we respond to the increased demand resulting from the COVID-19 pandemic," said Vivek Sankaran, President and Chief Executive Officer. "We are so proud of the efforts of our store, distribution and manufacturing teams, whose work has been heroic in the face of this crisis, and we thank them for everything they continue to do. Both our stores and our online business are seeing significantly increased demand as consumers shift to more food-at-home."

Update on the First 8 Weeks of Fiscal 2020

Since the beginning of fiscal 2020, the Company has experienced significant increases in customer traffic, product demand and overall basket size in stores and online as customers adjust to the circumstances around COVID-19. As a result, identical sales increased 47% during the first four weeks of fiscal 2020 (ending March 28, 2020), and increased 21% during the second four weeks of fiscal 2020 (ending April 25, 2020). Quarter to date identical sales for the first eight weeks of fiscal 2020 increased 34% compared to the comparable period during fiscal 2019. A further discussion of the Company's responses to COVID-19 can be found below.

The following information was filed by Albertsons Companies, Inc. on Thursday, April 30, 2020 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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