Following the collapse of its planned merger with Kroger, Albertsons Companies is doubling down on its strategy to grow market share and customer loyalty in the increasingly competitive grocery industry, Chief Executive Vivek Sankaran said last week.
The announcement comes as the Boise, Idaho-based grocer reported strong third-quarter earnings, exceeding Wall Street expectations. Albertsons posted net income of $400.6 million, or 69 cents per share, compared with $361.4 million, or 62 cents per share, in the same quarter last year. Adjusted earnings totaled 71 cents per share, beating analysts’ average estimate of 64 cents.
Sankaran emphasized that the company remained focused on its “Customers for Life” strategy, which prioritizes loyalty growth, fresh food offerings and omnichannel access, even during the lengthy antitrust review of the proposed $24.6 billion Kroger deal. That process ended last month when federal and state regulators blocked the merger, prompting Albertsons to sue Kroger for alleged breach of the agreement…