Retail grocery giant Albertsons reported flat sales and revenues in the third quarter of 2017 and announced plans to sell its stake in a Mexican retailer.
Boise, Idaho-based Albertsons’ Q3 net sales and other revenue totaled about $13.6 billion, comparable to the same period the year before. Identical store sales fell about 1.8 percent in the quarter, and net income totaled $218 million.
Looking ahead, Albertsons anticipates improvements to its adjusted EBITDA in fiscal 2018 due to $100 million in “expected additional savings from Safeway.” Safeway became a wholly owned subsidiary of Albertsons in 2015.
Albertsons also announced it was selling its 49 percent interest in Mexico-based food and general merchandise retailer Casa Ley to Tenedora for about $345 million. The stake in Casa Ley was owned by Safeway at the time of its merger with Albertsons.