Total food sales (excluding fuel) rose roughly 27% for the quarter ended June 20, 2020 compared to the same period last year.
The strong sales follow the retailer's initial public offering last month pf 50,000,000 shares of its common stock priced at $16.00 per share. Today, the Albertsons price per share remains slightly lower at $15.33 per share.
"We have accelerated our digital and e-commerce strategy to adapt to market conditions. We generated strong financial performance in the first quarter, including robust cash flow and enhanced liquidity, which support our continued investment to benefit our associates, customers, communities and stockholders," said Vivek Sankaran, president and CEO of Albertsons.
Since the beginning of fiscal 2020, Albertsons has experienced significant increases in product demand and overall basket size in stores and in its e-commerce business as customers responded to the COVID-19 pandemic, the company noted.
Sales on the retailer's e-commerce platform surged 276% year-on-year in the quarter, largely driven by pandemic shopping behaviors.
During the first quarter of 2020, the company racked up approximately $402.3m in capital expenditures, which included investments in technology and accelerated investment in e-commerce and the completion of 46 store remodel projects.
Albertsons also made a number of COVID-19 related investments totaling approximately $615m to support and protect its front-line associates and customers, including more than $275m in appreciation pay and $53 million for hunger relief in local communities.
"The ongoing COVID-19 pandemic has dramatically changed the landscape of food-at-home consumption," said the company.