Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today
reported results for the fourth quarter of fiscal 2023 and full
year fiscal 2023, which ended February 24, 2024.
Fourth Quarter of Fiscal 2023
Highlights
- Identical sales increased 1.0%
- Digital sales increased 24%
- Loyalty members increased 16% to 39.8 million
- Net income of $251 million, or $0.43 per share
- Adjusted net income of $318 million, or $0.54 per share
- Adjusted EBITDA of $916 million
Fiscal 2023 Highlights
- Identical sales increased 3.0%
- Digital sales increased 22%
- Net income of $1,296 million, or $2.23 per share
- Adjusted net income of $1,694 million, or $2.88 per share
- Adjusted EBITDA of $4,318 million
"We delivered another solid quarter amidst a difficult industry
backdrop," said Vivek Sankaran, CEO. "Again this quarter, we
focused on our strategy to create Customers for Life, which drove
strong growth in digital and pharmacy, deepened our omnichannel
relationships with our customers and improved our in-store
experience. We are pleased with our fiscal 2023 financial results,
particularly in omnichannel where we have increased our investments
in technology, digital and in-store customer experience and supply
chain operations. We want to thank all of our teams who continue to
deliver on our commitment to serving our customers and
communities."
Mr. Sankaran added, "As we look forward to fiscal 2024, we will
continue investing in our Customers for Life strategy and
developing the digital and omnichannel capabilities necessary to
support it. Our Customers for Life strategy is placing the customer
at the center of everything we do, with the ultimate goal of
supporting them every day, every week, and for a lifetime. It is a
multi-year journey that we will continue to build on in fiscal 2024
as we invest in capabilities that allow us to digitally connect and
further engage our customers through a frictionless omnichannel
experience, enhance what we offer, modernize our operational
capabilities and transform our ways of working."
Mr. Sankaran concluded, "At the same time, we expect to face
ongoing headwinds posed by investments in associate wages and
benefits, cycling significant prior year food inflation, lower
government assistance for our customers, declining COVID-related
income, and the increasing mix of our pharmacy and digital
businesses, which carry lower margins. We expect these headwinds to
be much stronger in the first half of fiscal 2024. These headwinds
are expected, however, to be partially offset by ongoing
productivity initiatives."
Fourth Quarter of Fiscal 2023
Results
Net sales and other revenue was $18.3 billion during both the 12
weeks ended February 24, 2024 ("fourth quarter of fiscal 2023") and
the 12 weeks ended February 25, 2023 ("fourth quarter of fiscal
2022"). Net sales and other revenue during the fourth quarter of
fiscal 2023 were driven by a 1.0% increase in identical sales,
partially offset by lower fuel sales and wholesale revenue. Strong
growth in pharmacy sales drove the identical sales increase. We
also continued to grow our digital business with a 24% sales
increase during the fourth quarter of fiscal 2023.
Gross margin rate increased to 28.0% during the fourth quarter
of fiscal 2023 compared to 27.8% during the fourth quarter of
fiscal 2022. Excluding the impact of fuel and LIFO, gross margin
rate decreased 58 basis points compared to the fourth quarter of
fiscal 2022. The strong growth in pharmacy operations, which
carries an overall lower gross margin rate, increases in shrink,
and increases in picking and delivery costs related to the
continued growth in our digital sales were the primary drivers of
the decrease, partially offset by our procurement and sourcing
productivity initiatives. In addition, the benefits from our
productivity initiatives allowed us to continue to provide
incremental targeted price investments to our customers during the
fourth quarter of fiscal 2023.
Selling and administrative expenses decreased to 25.7% of Net
sales and other revenue during the fourth quarter of fiscal 2023
compared to 25.8% during the fourth quarter of fiscal 2022.
Excluding the impacts of fuel and a legal settlement in the fourth
quarter of fiscal 2022, Selling and administrative expenses as a
percentage of Net sales and other revenue increased 13 basis
points. The increase in Selling and administrative expenses as a
percentage of Net sales and other revenue was primarily
attributable to an increase in operating expenses related to the
ongoing development of our digital and omnichannel capabilities,
ongoing Merger-related costs, increased store occupancy costs and
additional third-party store security services, partially offset by
lower employee costs, which includes the benefit of ongoing
productivity initiatives, and lower depreciation and amortization.
We expect a continued trend in increased digital spend as we
enhance and maintain the modernization of our technology
platforms.
Net loss on property dispositions and impairment losses was $0.8
million during the fourth quarter of fiscal 2023 compared to net
gain of $61.4 million during the fourth quarter of fiscal 2022.
Interest expense, net was $109.0 million during the fourth
quarter of fiscal 2023 compared to $91.6 million during the fourth
quarter of fiscal 2022. The increase in interest expense, net was
primarily attributable to lower interest income.
Other expense, net was $2.4 million during the fourth quarter of
fiscal 2023 compared to other income, net of $9.5 million during
the fourth quarter of fiscal 2022.
Income tax expense was $64.3 million, representing a 20.4%
effective tax rate, during the fourth quarter of fiscal 2023,
compared to $40.4 million, representing an 11.5% effective tax
rate, during the fourth quarter of fiscal 2022. The increase in the
effective tax rate was the result of certain federal statutes
expiring in the fourth quarter of fiscal 2022 and the related
reduction in reserves for uncertain tax positions.
Net income was $250.5 million or $0.43 per share during the
fourth quarter of fiscal 2023. Net income was $311.1 million or
$0.54 per share during the fourth quarter of fiscal 2022, which
included a $43.5 million or $0.07 per share benefit related to the
reduction in reserves for uncertain tax positions in the fourth
quarter of fiscal 2022.
Adjusted net income was $318.0 million, or $0.54 per share
during the fourth quarter of fiscal 2023 compared to $459.7
million, or $0.79 per share (which includes the $0.07 per share tax
benefit discussed above), during the fourth quarter of fiscal
2022.
Adjusted EBITDA was $915.8 million during the fourth quarter of
fiscal 2023 compared to $1,050.2 million during the fourth quarter
of fiscal 2022.
Capital Expenditures
During fiscal 2023, capital expenditures were $2,031.3 million,
which primarily included the completion of 150 remodels, the
opening of six new stores and continued investment in our digital
and technology platforms.
Merger Agreement
As previously announced, on October 13, 2022, the Company
entered into an Agreement and Plan of Merger (the "Merger
Agreement") with The Kroger Company and Kettle Merger Sub, Inc.
Under the terms of the Merger Agreement, subject to regulatory
approval, Kroger (through Kettle Merger Sub, Inc.) will acquire all
of the outstanding shares of the Company's common stock (the
"Merger"). Details regarding the Merger Agreement and the
transactions contemplated by the Merger Agreement are available in
our Annual Report on Form 10-K for fiscal 2023 filed with the
Securities and Exchange Commission ("SEC") on April 22, 2024.
About Albertsons
Companies
Albertsons Companies is a leading food and drug retailer in the
United States. As of February 24, 2024, the Company operated 2,269
retail stores with 1,725 pharmacies, 402 associated fuel centers,
22 dedicated distribution centers and 19 manufacturing facilities.
The Company operates stores across 34 states and the District of
Columbia under more than 20 well known banners including
Albertsons, Safeway, Vons, Jewel-Osco, Shaw's, Acme, Tom Thumb,
Randalls, United Supermarkets, Pavilions, Star Market, Haggen,
Carrs, Kings Food Markets and Balducci's Food Lovers Market. The
Company is committed to helping people across the country live
better lives by making a meaningful difference, neighborhood by
neighborhood. In 2023, along with the Albertsons Companies
Foundation, the Company contributed more than $350 million in food
and financial support, including more than $35 million through our
Nourishing Neighbors Program to ensure those living in our
communities and those impacted by disasters have enough to eat.
Forward-Looking Statements and Factors
That Impact Our Operating Results and Trends
This press release includes "forward-looking statements" within
the meaning of the federal securities laws. The "forward-looking
statements" include our current expectations, assumptions,
estimates and projections about our business, our industry and the
outcome of the Merger. They include statements relating to our
future operating or financial performance which the Company
believes to be reasonable at this time. You can identify
forward-looking statements by the use of words such as "outlook,"
"may," "should," "could," "estimates," "predicts," "potential,"
"continue," "anticipates," "believes," "plans," "expects," "future"
and "intends" and similar expressions which are intended to
identify forward-looking statements.
These statements are not guarantees of future performance and
are subject to numerous risks and uncertainties which are beyond
our control and difficult to predict and could cause actual results
to differ materially from the results expressed or implied by the
statements. Risks and uncertainties that could cause actual results
to differ materially from such statements include:
- uncertainties related to the Merger, including our ability to
close the transactions contemplated by the Merger Agreement, and
the impact of the costs related to the Merger;
- erosion of consumer confidence as a result of the Merger and
the transactions contemplated by the Merger Agreement;
- changes in macroeconomic conditions and uncertainty regarding
the geopolitical environment;
- rates of food price inflation or deflation, as well as fuel and
commodity prices;
- changes in consumer behavior and spending due to the impact of
macroeconomic factors, including the expiration of student loan
payment deferments;
- challenges in attracting, retaining and motivating our
employees until the closing of the Merger;
- failure to achieve productivity initiatives, unexpected changes
in our objectives and plans, inability to implement our strategies,
plans, programs and initiatives, or enter into strategic
transactions, investments or partnerships in the future on terms
acceptable to us, or at all;
- changes in wage rates, ability to attract and retain qualified
associates and negotiate acceptable contracts with labor
unions;
- litigation related to the transactions contemplated by the
Merger Agreement;
- restrictions on our ability to operate as a result of the
Merger Agreement;
- availability and cost of goods used in our food products;
- challenges with our supply chain;
- operational and financial effects resulting from cyber
incidents at the Company or at a third party, including outages in
the cloud environment and the effectiveness of business continuity
plans during a ransomware or other cyber incident; and
- continued reduction in governmental assistance programs such as
SNAP.
All forward-looking statements attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
these cautionary statements and risk factors. Forward-looking
statements contained in this press release reflect our view only as
of the date of this press release. We undertake no obligation,
other than as required by law, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
In evaluating our financial results and forward-looking
statements, you should carefully consider the risks and
uncertainties more fully described in the "Risk Factors" section or
other sections in our reports filed with the SEC including the most
recent annual report on Form 10-K and any subsequent periodic
reports on Form 10-Q and current reports on Form 8-K.
Additional Information and Where to
Find It
The Company has filed with the SEC a definitive information
statement on Schedule 14C with respect to the approval of the
Merger and has mailed the definitive information statement to the
Company's stockholders. You may obtain copies of all documents
filed by the Company with the SEC regarding this transaction, free
of charge, at the SEC's website, www.sec.gov or from the Company's
website at
https://www.albertsonscompanies.com/investors/overview/.
Non-GAAP Measures and Identical
Sales
Non-GAAP Measures. EBITDA, Adjusted EBITDA, Adjusted net income,
Adjusted net income per Class A common share and Net debt ratio
(collectively, the "Non-GAAP Measures") are performance measures
that provide supplemental information the Company believes is
useful to analysts and investors to evaluate its ongoing results of
operations, when considered alongside other GAAP measures such as
net income, operating income, gross margin, and net income per
Class A common share. These Non-GAAP Measures exclude the financial
impact of items management does not consider in assessing the
Company's ongoing core operating performance, and thereby provide
useful measures to analysts and investors of its operating
performance on a period-to-period basis. Other companies may have
different definitions of Non-GAAP Measures and provide for
different adjustments, and comparability to the Company's results
of operations may be impacted by such differences. The Company also
uses Adjusted EBITDA and Net debt ratio for board of director and
bank compliance reporting. The Company's presentation of Non-GAAP
Measures should not be construed as an inference that its future
results will be unaffected by unusual or non-recurring items.
Identical Sales. As used in this earnings release, the term
"identical sales" includes stores operating during the same period
in both the current fiscal year and the prior fiscal year,
comparing sales on a daily basis. Direct to consumer digital sales
are included in identical sales, and fuel sales are excluded from
identical sales.
Albertsons Companies, Inc. and
Subsidiaries
Consolidated Statements of
Operations
(dollars in millions, except
per share data)
(unaudited)
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Net sales and other revenue
$
18,339.5
$
18,265.1
$
79,237.7
$
77,649.7
Cost of sales
13,195.3
13,180.8
57,192.0
55,894.1
Gross margin
5,144.2
5,084.3
22,045.7
21,755.6
Selling and administrative
expenses
4,717.2
4,712.1
19,932.9
19,596.0
Loss (gain) on property dispositions
and impairment losses, net
0.8
(61.4
)
43.9
(147.5
)
Operating income
426.2
433.6
2,068.9
2,307.1
Interest expense, net
109.0
91.6
492.1
404.6
Other expense (income), net
2.4
(9.5
)
(12.2
)
(33.0
)
Income before income taxes
314.8
351.5
1,589.0
1,935.5
Income tax expense
64.3
40.4
293.0
422.0
Net income
$
250.5
$
311.1
$
1,296.0
$
1,513.5
Net income per Class A common
share:
Basic net income per Class A common
share
$
0.43
$
0.54
$
2.25
$
2.29
Diluted net income per Class A common
share
0.43
0.54
2.23
2.27
Weighted average Class A common shares
outstanding (in millions)
Basic
576.3
538.0
575.4
529.0
Diluted
583.0
580.1
581.1
534.0
% of net sales and other
revenue
Gross margin
28.0
%
27.8
%
27.8
%
28.0
%
Selling and administrative expenses
25.7
%
25.8
%
25.2
%
25.2
%
Store data
Number of stores at end of
quarter/year
2,269
2,271
Albertsons Companies, Inc. and
Subsidiaries
Consolidated Balance
Sheets
(in millions)
(unaudited)
February 24,
2024
February 25,
2023
ASSETS
Current assets
Cash and cash equivalents
$
188.7
$
455.8
Receivables, net
724.4
687.6
Inventories, net
4,945.2
4,782.0
Prepaid assets
370.3
302.7
Other current assets
58.9
42.3
Total current assets
6,287.5
6,270.4
Property and equipment, net
9,570.3
9,358.7
Operating lease right-of-use assets
5,981.6
5,879.1
Intangible assets, net
2,434.5
2,465.4
Goodwill
1,201.0
1,201.0
Other assets
746.2
993.6
TOTAL ASSETS
$
26,221.1
$
26,168.2
LIABILITIES
Current liabilities
Accounts payable
$
4,218.2
$
4,173.1
Accrued salaries and wages
1,302.6
1,317.4
Current maturities of long-term debt and
finance lease obligations
285.2
1,075.7
Current operating lease obligations
677.6
664.8
Current portion of self-insurance
liability
367.7
355.5
Taxes other than income taxes
325.4
382.3
Other current liabilities
281.0
460.0
Total current liabilities
7,457.7
8,428.8
Long-term debt and finance lease
obligations
7,783.4
7,834.4
Long-term operating lease obligations
5,493.2
5,386.2
Deferred income taxes
807.6
854.0
Long-term self-insurance liability
899.9
878.6
Other long-term liabilities
1,031.8
1,129.8
Commitments and contingencies
Series A convertible preferred stock
—
45.7
STOCKHOLDERS' EQUITY
Class A common stock
5.9
5.9
Additional paid-in capital
2,129.6
2,072.7
Treasury stock, at cost
(304.2
)
(352.2
)
Accumulated other comprehensive income
88.0
69.3
Retained earnings (accumulated
deficit)
828.2
(185.0
)
Total stockholders' equity
2,747.5
1,610.7
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY
$
26,221.1
$
26,168.2
Albertsons Companies, Inc. and
Subsidiaries
Consolidated Statements of
Cash Flows
(in millions)
(unaudited)
Fiscal 2023
Fiscal 2022
Cash flows from operating
activities:
Net income
$
1,296.0
$
1,513.5
Adjustments to reconcile net income to net
cash provided by operating activities:
Loss (gain) on property dispositions and
impairment losses, net
43.9
(147.5
)
Depreciation and amortization
1,779.0
1,807.1
Operating lease right-of-use assets
amortization
665.2
652.7
LIFO expense
52.0
268.0
Deferred income tax
(112.6
)
12.9
Pension and post-retirement benefits
income
(2.9
)
(21.7
)
Contributions to pension and
post-retirement benefit plans
(18.3
)
(27.3
)
Gain on interest rate swaps and energy
hedges, net
(3.2
)
(8.4
)
Deferred financing costs
15.6
16.9
Equity-based compensation expense
104.5
138.3
Other operating activities
4.6
1.8
Changes in operating assets and
liabilities:
Receivables, net
(36.3
)
(127.1
)
Inventories, net
(215.3
)
(549.1
)
Accounts payable, accrued salaries and
wages and other accrued liabilities
100.5
(164.2
)
Operating lease liabilities
(654.1
)
(637.7
)
Pension withdrawal liabilities
(88.7
)
(103.4
)
Self-insurance assets and liabilities
30.6
56.2
Other operating assets and liabilities
(301.0
)
172.9
Net cash provided by operating
activities
2,659.5
2,853.9
Cash flows from investing
activities:
Payments for property, equipment and
intangibles, including lease buyouts
(2,031.3
)
(2,153.9
)
Proceeds from sale of assets
217.6
195.2
Other investing activities
67.0
(18.6
)
Net cash used in investing
activities
(1,746.7
)
(1,977.3
)
Cash flows from financing
activities:
Proceeds from issuance of long-term debt,
including ABL facility
150.0
2,150.0
Payments on long-term borrowings,
including ABL facility
(950.8
)
(1,150.8
)
Payments of obligations under finance
leases
(69.3
)
(71.6
)
Special dividend paid
—
(3,916.9
)
Dividends paid on common stock
(276.2
)
(255.1
)
Dividends paid on convertible preferred
stock
(0.8
)
(65.3
)
Employee tax withholding on vesting of
restricted stock units
(38.8
)
(44.0
)
Other financing activities
2.5
(11.7
)
Net cash used in financing
activities
(1,183.4
)
(3,365.4
)
Net decrease in cash and cash
equivalents and restricted cash
(270.6
)
(2,488.8
)
Cash and cash equivalents and
restricted cash at beginning of period
463.8
2,952.6
Cash and cash equivalents and
restricted cash at end of period
$
193.2
$
463.8
Albertsons Companies, Inc. and
Subsidiaries
Reconciliation of Non-GAAP
Measures
(in millions, except per share
data)
The following tables reconcile Net income
to Adjusted net income, and Net income per Class A common share to
Adjusted net income per Class A common share:
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Numerator:
Net income
$
250.5
$
311.1
$
1,296.0
$
1,513.5
Adjustments:
Loss (gain) on interest rate swaps and
energy hedges, net (d)
2.9
4.5
(3.2
)
(8.4
)
Business transformation (1)(b)
7.2
13.8
45.1
78.3
Equity-based compensation expense (b)
24.0
41.7
104.5
138.3
Loss (gain) on property dispositions and
impairment losses, net
0.8
(61.4
)
43.9
(147.5
)
LIFO (benefit) expense (a)
(35.8
)
86.6
52.0
268.0
Government-mandated incremental COVID-19
pandemic related pay (2)(b)
—
—
—
10.8
Merger-related costs (3)(b)
56.4
32.7
180.6
56.5
Certain legal and regulatory accruals and
settlements, net (b)
—
57.0
(6.7
)
100.7
Amortization of debt discount and deferred
financing costs (c)
3.6
3.9
15.5
16.8
Amortization of intangible assets
resulting from acquisitions (b)
11.1
11.8
48.6
50.9
Combined Plan (4)(b)
—
—
—
(19.0
)
Miscellaneous adjustments (5)(f)
17.4
6.0
41.4
52.1
Tax impact of adjustments to Adjusted net
income
(20.1
)
(48.0
)
(124.0
)
(145.9
)
Adjusted net income
$
318.0
$
459.7
$
1,693.7
$
1,965.1
Denominator:
Weighted average Class A common shares
outstanding - diluted
583.0
580.1
581.1
534.0
Adjustments:
Convertible preferred stock (6)
—
—
0.3
42.7
Restricted stock units and awards (7)
5.5
4.1
6.4
5.9
Adjusted weighted average Class A common
shares outstanding - diluted
588.5
584.2
587.8
582.6
Adjusted net income per Class A common
share - diluted
$
0.54
$
0.79
$
2.88
$
3.37
Albertsons Companies, Inc. and
Subsidiaries
Reconciliation of Non-GAAP
Measures
(in millions, except per share
data)
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Net income per Class A common share -
diluted
$
0.43
$
0.54
$
2.23
$
2.27
Convertible preferred stock (6)
—
—
—
0.36
Non-GAAP adjustments (8)
0.12
0.26
0.68
0.78
Restricted stock units and awards (7)
(0.01
)
(0.01
)
(0.03
)
(0.04
)
Adjusted net income per Class A common
share - diluted
$
0.54
$
0.79
$
2.88
$
3.37
The following table is a reconciliation of
Adjusted net income to Adjusted EBITDA:
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Adjusted net income (9)
$
318.0
$
459.7
$
1,693.7
$
1,965.1
Tax impact of adjustments to Adjusted net
income
20.1
48.0
124.0
145.9
Income tax expense
64.3
40.4
293.0
422.0
Amortization of debt discount and deferred
financing costs (c)
(3.6
)
(3.9
)
(15.5
)
(16.8
)
Interest expense, net
109.0
91.6
492.1
404.6
Amortization of intangible assets
resulting from acquisitions (b)
(11.1
)
(11.8
)
(48.6
)
(50.9
)
Depreciation and amortization (e)
419.1
426.2
1,779.0
1,807.1
Adjusted EBITDA
$
915.8
$
1,050.2
$
4,317.7
$
4,677.0
(1)
Includes costs associated with third-party
consulting fees related to our operational priorities and
associated business transformation.
(2)
Represents incremental COVID-19 related
pay legislatively required in certain municipalities in which we
operate.
(3)
Primarily relates to third-party legal and
advisor fees and retention program expense related to the proposed
Merger and costs in connection with our previously-announced
Board-led review of potential strategic alternatives.
(4)
Includes the $19.0 million gain during the
second quarter of fiscal 2022 related to the withdrawal in fiscal
2020 from the Food Employers Labor Relations Association and United
Food and Commercial Workers Pension Fund ("FELRA") and the
Mid-Atlantic UFCW and Participating Pension Fund ("MAP" and
together with FELRA, the "Combined Plan").
(5)
Primarily includes net realized and
unrealized gains and losses related to non-operating investments,
lease adjustments related to non-cash rent expense and costs
incurred on leased surplus properties, adjustments for
unconsolidated equity investments, certain contract terminations
and other costs not considered in our core performance.
(6)
Represents the conversion of convertible
preferred stock to the fully outstanding as-converted Class A
common shares as of the end of each respective period, for periods
in which the convertible preferred stock is antidilutive under
GAAP. Fiscal 2022 reflects the impact of the special cash dividend
of $6.85 per share of Class A common stock that is attributable to
the holders of convertible preferred stock on an as-converted
basis.
(7)
Represents incremental unvested restricted
stock units ("RSUs") and unvested restricted stock awards ("RSAs")
to adjust the diluted weighted average Class A common shares
outstanding during each respective period to the fully outstanding
RSUs and RSAs as of the end of each respective period.
(8)
Reflects the per share impact of Non-GAAP
adjustments for each period. See the reconciliation of Net income
to Adjusted net income above for further details.
(9)
See the reconciliation of Net income to
Adjusted net income above for further details.
Albertsons Companies, Inc. and
Subsidiaries
Reconciliation of Non-GAAP
Measures
(in millions, except per share
data)
Non-GAAP adjustment classifications within
the Consolidated Statement of Operations:
(a) Cost of sales
(b) Selling and administrative
expenses
(c) Interest expense, net
(d) Loss (gain) on interest rate swaps and
energy hedges, net:
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Cost of sales
$
2.1
$
(2.1
)
$
(2.2
)
$
(4.8
)
Selling and administrative expenses
0.8
6.4
(1.0
)
4.8
Other expense (income), net
—
0.2
—
(8.4
)
Total Loss (gain) on interest rate swaps
and energy hedges, net
$
2.9
$
4.5
$
(3.2
)
$
(8.4
)
(e)
Depreciation and amortization:
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Cost of sales
$
43.1
$
33.5
$
169.0
$
162.7
Selling and administrative expenses
376.0
392.7
1,610.0
1,644.4
Total Depreciation and amortization
$
419.1
$
426.2
$
1,779.0
$
1,807.1
(f)
Miscellaneous adjustments:
Fourth Quarter Fiscal
2023
Fourth Quarter Fiscal
2022
Fiscal 2023
Fiscal 2022
Selling and administrative expenses
$
5.5
$
8.0
$
34.7
$
28.9
Other expense (income), net
11.9
(2.0
)
6.7
23.2
Total Miscellaneous adjustments
$
17.4
$
6.0
$
41.4
$
52.1
The following table is a reconciliation of
Net debt ratio:
Fiscal 2023
Fiscal 2022
Total debt (including finance leases)
$
8,068.6
$
8,910.1
Cash and cash equivalents
188.7
455.8
Total debt net of cash
7,879.9
8,454.3
Adjusted EBITDA
$
4,317.7
$
4,677.0
Total Net debt ratio
1.83
1.81
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240422947499/en/
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