factors related to the continued impact of the COVID-19 pandemic, about which there are still many unknowns, including its duration, recurrence, new variants, status and effectiveness of vaccinations, duration and scope of related government orders, financial assistance programs, mandates and regulations and the extent of the overall impact to our business and the communities we serve. Details regarding the Merger Agreement and the transactions contemplated by the Merger Agreement can be found in the Form 8-K filed on October 14, 2022 and the joint press release issued by the Company and Kroger on October 14, 2022. 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. Albertsons Companies is a leading food and drug retailer in the United States. BOISE, Idaho--(BUSINESS WIRE)--Albertsons Companies, Inc. (NYSE: ACI) today announced the launch of Albertsons Media Collective, a retail media network designed to deliver digitally native,. (7) Primarily includes lease adjustments related to non-cash rent expense and costs incurred on leased surplus properties, net realized and unrealized gains and losses related to non-operating investments, certain legal and regulatory accruals and settlements, pension settlement gain and adjustments for unconsolidated equity investments. View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005323/en/, Get the latest news and updates from Stockhouse on social media, Stockhouse.com uses cookies on this site. The Company operates stores across 34 states and the District of Columbia with 24 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. BOISE, Idaho-- (BUSINESS WIRE)-- Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the third quarter of fiscal 2022, which ended December 3, 2022. Interest expense, net was $111.3 million during the third quarter of fiscal 2021 compared to $115.9 million during the third quarter of fiscal 2020. The increase in gross margin rate was primarily due to productivity initiatives, improved pharmacy margins related to administering COVID-19 vaccines and favorable product mix, largely offset by lower gross margin rates across certain product categories due to the rate impact of increased product costs driven by the current inflationary environment, as well as higher supply chain costs. (10) Reflects the per share impact of Non-GAAP adjustments for each period. Albertsons Cos. recently introduced Sincerely Health, a digital health and wellness platform that connects, educates and rewards customers on their health and wellness journey. Albertsons Companies Will Now Offer Napa Valley Wine Academy Certification Nationwide to Associates. Primarily relates to third-party advisor fees related to the proposed merger with Kroger and costs in connection with our previously-announced Board-led review of potential strategic alternatives. To learn more about Albertsons Cos., visit albertsonscompanies.com. The following table is a reconciliation of Net Debt Ratio on a rolling four quarter basis: Total debt (including finance leases and excluding operating leases), Total debt net of cash and cash equivalents. To view or download images and other creative assets from the Sincerely, Food campaign, click here. (6) Includes the $607.2 million charge in the fourth quarter of fiscal 2020 related to the withdrawal 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") and the $285.7 million charge in the third quarter of fiscal 2020 related to the withdrawal from the UFCW National Fund. (a) Cost of sales The increase in employee costs was the result of additional labor to support the increase in fresh sales, market-driven wage rate increases and higher equity-based compensation expense. Income tax expense was $120.9 million, representing a 24.4% effective tax rate, during the third quarter of fiscal 2022 compared to $98.4 million, representing a 18.8% effective tax rate, during the third quarter of fiscal 2021. Changes in operating assets and liabilities: Accounts payable, accrued salaries and wages and other accrued liabilities, Net cash provided by operating activities, Business acquisitions, net of cash acquired, Payments for property, equipment and intangibles, including payments for lease buyouts, Proceeds from issuance of long-term debt, including ABL facility, Payments on long-term borrowings, including ABL facility, Payments of obligations under finance leases, Payment of redemption premium on debt extinguishment, Dividends paid on convertible preferred stock, Employee tax withholding on vesting of restricted stock units, Net cash provided by (used in) financing activities, Net increase in cash and cash equivalents and restricted cash, Cash and cash equivalents and restricted cash at beginning of period, Cash and cash equivalents and restricted cash at end of period. The Special Dividend was to be paid on November 7, 2022. 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. The campaign told from the perspective of what food sees is designed to boost awareness and drive positive perception of the grocer’s strengths in high-quality fresh produce, meats and seasonal ingredients, and to build a more emotional connection between customers and their local Albertsons Cos. banner. View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005323/en/. The current labor shortages could also impact our ability to negotiate acceptable contracts with labor unions which could result in strikes by affected workers and thereby significantly disrupt our operations. The Company's capital allocation strategy is balanced, prioritizing capital investment to drive future growth, continued deleveraging of the balance sheet, and the return of capital to stockholders via quarterly dividends and opportunistic share repurchases, all anchored on strong and consistent free cash flow. Albertsons Media Collective will further our goal of bringing brands and our customers together by delivering an unrivaled vendor and customer experience and truly reimagining marketing for whats next.. Albertsons Companies also pledged $5 million to organizations supporting social justice. 2021, Current maturities of long-term debt and finance lease obligations, Current maturities of operating lease obligations, Long-term debt and finance lease obligations, TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY, Condensed Consolidated Statements of Cash Flows. 2022, December 4, Albertson Media Collective, developed in partnership with CitrusAd and Merkle, is focused on providing opportunities to connect brands with their most loyal shoppers by opening up native display and sponsored product inventory throughout the companys websites. "Our investments in digital transformation, differentiation in Own Brands and Fresh offerings, and the modernization of our operational capabilities contributed to these results. $30 Off. Kirby Nardo, Albertsons Cos. Selling and administrative expenses decreased to 25.0% of Net sales and other revenue during the third quarter of fiscal 2022 compared to 25.4% during the third quarter of fiscal 2021. Once the SEC has no further comments, the Company will mail the definitive information statement to the Company's stockholders. Albertsons Cos. recently introduced Sincerely Health, a digital health and wellness platform that connects, educates and rewards customers on their health and wellness journey. Kellogg has donated $75,000 to Albertsons Companies Foundation's Nourishing Neighbors Initiative, a charitable program of the Albertsons Companies Foundation benefiting the hunger-relief efforts . The Sincerely brand platform is designed to deepen the emotional connection at every customer touchpoint. This press release features multimedia. BOISE, Idaho and NEW YORK, Sept. 20, 2017 /PRNewswire/ -- Albertsons Companies, one of the nation's largest grocery retailers, today announced the acquisition of Plated, a premier meal kit service . Please go to the link in the email message to retrieve your password. Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the third quarter of fiscal 2021, which ended December 4, 2021. On that day, Albertsons Companies, Inc. is projected to report earnings of $0.68 per share, which would represent a year-over-year decline of 9.33%. "Our team continues to deliver strong performance as we execute against our Customers for Life strategy and bring people together around the joys of food and inspire well-being," said Vivek Sankaran, CEO. Albertsons Companies, Inc. (NYSE: ACI) (the "Company") today reported results for the third quarter of fiscal 2022, which ended December 3, 2022. (3) Includes $44.7 million in bonus payments related to front-line associates during the third quarter of fiscal 2020. On November 1, 2022, the Attorney General for the State of Washington ("Washington Attorney General") filed a motion for a temporary restraining order to prevent the payment of the Special Dividend. Albertsons Companies is a leading food and drug retailer in the United States. Other expense, net was $1.7 million during the third quarter of fiscal 2022 compared to other income, net of $38.3 million during the third quarter of fiscal 2021. About Us. Announces Proposed Senior Notes Offering. Supermarket operators Albertsons and Safeway Inc. have agreed to sell 168 supermarkets to settle Federal Trade Commission charges that their proposed $9.2 billion merger would likely be anticompetitive in 130 local markets in Arizona, California, Montana, Nevada, Oregon, Texas, Washington, and Wyoming. All rights reserved. (1) Includes costs related to closures of operating facilities and third-party consulting fees related to our strategic priorities and associated business transformation. Stockhouse membership requires an email address which must be shared by Facebook. (1) Includes costs related to closures of operating facilities and third-party consulting fees related to our strategic priorities and associated business transformation. The name reflects the companys commitment to improve lives by empowering customers to make more informed choices around food and well-being. "Each Albertsons Companies banner has its own unique history and local identity. This information is dependent upon future events and may be outside of the Company's control and could have a significant impact on its GAAP financial results for fiscal 2021. BOISE, Idaho--(BUSINESS WIRE)-- (2) Related to conversion activities and related costs associated with integrating acquired businesses. 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. As of February 27, 2021, the Company operated 2,277 retail stores with 1,727 pharmacies, 400 associated fuel. Income tax expense was $98.4 million, representing a 18.8% effective tax rate, during the third quarter of fiscal 2021 compared to $29.5 million, representing a 19.3% effective tax rate, during the third quarter of fiscal 2020. New omnichannel campaign brings to life new Sincerely” brand platform, capturing the company’s commitment to know, nourish and care for its customers. Reflects the per share impact of Non-GAAP adjustments for each period. (5) Represents incremental pay that is legislatively required in certain municipalities in which we operate. As of December 4, 2021, the Company operated 2,278 retail food and drug stores with 1,722 pharmacies, 399 associated. Albertsons Companies is a leading food and drug retailer in the United States. View the, https://www.businesswire.com/news/home/20230301005323/en/, @ the Bell: Financials drag TSX after downbeat results, @ the Bell: TSX rebounds from 2023s worst weekly selloff. These Non-GAAP Measures exclude the financial impact of items management does not consider in assessing the Company's ongoing operating performance, and thereby provide useful measures of its operating performance on a period-to-period basis. Adjusted EBITDA was $1,158.0 million, or 6.4% of Net sales and other revenue, during the third quarter of fiscal 2022 compared to $1,051.2 million, or 6.3% of Net sales and other revenue, during the third quarter of fiscal 2021. Albertsons Companies, Inc. (ACI Quick Quote ACI - Free Report) closed the most recent trading day at $20.24, moving -1.46% from the previous trading session. (5) Primarily includes costs related to store damage, inventory losses and community support as a result of civil disruption during late May 2020 and early June 2020 in certain markets. On December 19, 2022, the commissioner of the Washington Supreme Court announced that the Court will, sitting en banc, consider the Washington Attorney General's application for review. Albertsons Companies is a leading food and drug retailer that operates stores across 34 states and the District of Columbia with 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. Brand campaigns will begin February 27, 2022, and allow partners to access some of the most valuable positions across Albertsons Companies websites and apps, tapping into over 100 million shoppers across the country, including more than 2,200 store locations and over 27 million members of the companys Just for U loyalty program. View source version on businesswire.com: https://www.businesswire.com/news/home/20230301005323/en/. See the reconciliation of Net income to Adjusted net income above for further details. The increase was driven by the Company's 5.2% increase in identical sales, as well as higher fuel sales and sales related to stores acquired and opened since the third quarter of fiscal 2020. Its Drive Up & Go service is now available at 1,420 stores and the company expects to reach 2,000 . The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. Adjusted net income was $505.1 million, or $0.87 per share, during the third quarter of fiscal 2022 compared to $457.2 million, or $0.79 per share, during the third quarter of fiscal 2021. Albertsons Cos. is a thriving business which has delivered over $75 billion in revenues in the rolling four quarters ended September 10, 2022, following strong performance of $71.9 billion in. Forward-Looking Statements and Factors That Impact Our Operating Results and Trends. Sincerely is the common thread through all of these, and it allows us to recognize the rich heritage associated with every banner," said Sean Barrett, Chief Marketing Officer for Albertsons Cos. "As a company, we're dedicated to earning customers for life, and our brand platform now supports and celebrates this commitment. Direct to consumer digital sales are included in identical sales, and fuel sales are excluded from identical sales. 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. Real-time Estimate Cboe BZX Carlin and C.A . The following table is a reconciliation of Net income to Adjusted EBITDA on a rolling four quarter basis: Government-mandated incremental COVID-19 pandemic related pay (2). Inquire about advertising opportunities and find out more about Albertsons Media Collective at AMC@albertsons.com. Albertsons Companies, Inc. On December 28, 2022, the Court scheduled the en banc conference to take place on January 17, 2023. The following table is a reconciliation of Net income to Adjusted EBITDA on a rolling four quarter basis: (Gain) loss on interest rate and commodity hedges, net, Discretionary COVID-19 pandemic related costs (3), Government-mandated incremental COVID-19 pandemic related pay (4), Transaction and reorganization costs related to convertible preferred stock issuance and initial public offering, Combined Plan and UFCW National Fund withdrawal (6). With last week's announcement of C.A. To ensure the most secure and best overall experience on our website we recommend the latest versions of, Internet Explorer is no longer supported. Albertsons Media Collective will further our goal of bringing brands and our customers together by delivering an unrivaled vendor and customer experience and truly reimagining marketing for whats next.. Albertsons Companies, Inc. (ACI) Latest Stock News & Headlines - Yahoo Finance U.S. Markets closed S&P Futures Dow Futures Nasdaq Futures Russell 2000 Futures +3.50 Crude Oil Albertsons. Also includes expenses related to acquisitions and expenses related to management fees paid in connection with acquisition and financing activities. Also includes $53 million of charitable contributions to our communities for hunger relief and $36.9 million in final reward payments to front-line associates at the end of the first quarter of fiscal 2020. Gross margin rate increased to 28.9% during the third quarter of fiscal 2021 compared to 28.3% during the third quarter of fiscal 2019. The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. All rights reserved. Albertsons Cos. recently introduced Sincerely Health, a digital health and wellness platform that connects, educates and rewards customers on their health and wellness journey. That same day, on December 9, 2022, the Washington Attorney General sought review from the Washington Supreme Court, asking that Court to review the denial of the preliminary injunction. 1 Based on combined results for each company's most recent fiscal year, respectively. Supplemental Two-Year Results - Third Quarter of Fiscal 2021 Compared to Third Quarter of Fiscal 2019. Brand campaigns will begin February 27, 2022, and allow partners to access some of the most valuable positions across Albertsons Companies websites and apps, tapping into over 100 million shoppers across the country, including more than 2,200 store locations and over 27 million members of the companys Just for U loyalty program. In 2021, along with the Albertsons Companies Foundation, the Company contributed nearly $200 million in food and financial support, including approximately $40 million through our Nourishing Neighbors Program to ensure those living in our communities have enough to eat. Interest expense, net was $84.3 million during the third quarter of fiscal 2022 compared to $111.3 million during the third quarter of fiscal 2021. Non-GAAP Measures. 2020, Gain on property dispositions and impairment losses, net, Basic net income per Class A common share, Diluted net income per Class A common share, Weighted average Class A common shares outstanding, February 27, Meanwhile, our latest consensus estimate is . BOISE, Idaho--(BUSINESS WIRE)-- https://www.businesswire.com/news/home/20230301005323/en/, Do Not Sell My Personal Data/Privacy Policy. (4) Represents incremental pay that is legislatively required in certain municipalities in which we operate. As of December 3, 2022, the Company operated 2,270 retail food and drug stores with 1,720 pharmacies, 402 associated fuel centers, 22 dedicated distribution centers and 19 manufacturing facilities. This move lagged the S&P 500's daily . Forward-looking statements contained in this press release reflect our view only as of the date of this press release. By continuing to use our service, you agree to our use of cookies. The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. We are thrilled to be able to create a differentiated retail media network that will allow our customers to engage with the food and brands they love, said Argyilan, SVP Retail Media at Albertsons Companies. Excluding the impact of fuel and the $285.7 million charge related to the withdrawal from the United Food and Commercial Workers International Union ("UFCW") Union-Industry Pension Fund ("National Fund") during the third quarter of fiscal 2020, selling and administrative expenses as a percentage of net sales and other revenue decreased 20 basis points. (4) Includes $44.7 million in bonus payments related to front-line associates during the third quarter of fiscal 2020. (d) (Gain) loss on interest rate and commodity hedges, net: Total (Gain) loss on interest rate and commodity hedges, net. Offer Expires 01/12/24. This press release includes "forward-looking statements" within the meaning of the federal securities laws. Net loss on property dispositions and impairment losses was $7.3 million during the third quarter of fiscal 2022 compared to net gain of $13.4 million during the third quarter of fiscal 2021. The Company also uses Adjusted EBITDA and Net debt ratio for board of director and bank compliance reporting. Kellogg has donated $75,000 to Albertsons Companies Foundation's . With retail media networks rapidly reshaping the advertising space across the consumer media sector, Albertsons Media Collective, led by Kristi Argyilan, Albertsons Cos. SVP of Retail Media, will offer partners a digital marketing platform and omnichannel solutions with the core consumer in mind. (2) Related to conversion activities and related costs associated with integrating acquired businesses. While certain aspects of our financial results have been favorably impacted by increased demand during the COVID-19 pandemic, in addition to favorable consumer conditions including incremental financial assistance provided by various government agencies, our business continues to experience challenges to meet customer demand. At Albertsons Companies, Inc., we promise to treat your data with respect and will not share your information with any third party. Sincerely is the common thread through all of these, and it allows us to recognize the rich heritage associated with every banner,” said Sean Barrett, Chief Marketing Officer for Albertsons Cos. As a company, we’re dedicated to earning customers for life, and our brand platform now supports and celebrates this commitment. Albertsons Companies, Inc. : Unregistered Sale of Equity Securities, Other Events (form 8-.. Albertsons Companies, Inc. : Change in Directors or Principal Officers (form 8-K). Such risks and uncertainties could cause actual results to differ materially from those expressed or forecasted by us. 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. 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. 2023 Benzinga.com. Third Quarter of Fiscal 2022 Highlights Identical sales increased 7.9% Digital sales increased 33% Loyalty members increased 16% to 33 million View source version on businesswire.com: A replay of the webcast will be available for at least two weeks following the completion of the call. Primarily includes certain legal and regulatory accruals and settlements, lease adjustments related to non-cash rent expense and costs incurred on leased surplus properties, net realized and unrealized gains and losses related to non-operating investments, pension settlement gain, adjustments for unconsolidated equity investments and costs associated with integrating acquired businesses. 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. (3) Includes $44.7 million in bonus payments related to front-line associates during the third quarter of fiscal 2020. In 2021, along with the Albertsons Companies Foundation, the Company contributed nearly $200 million in food and financial support, including approximately $40 million through our Nourishing Neighbors Program to ensure those living in our communities have enough to eat. (b) Selling and administrative expenses retail consumer behavior and environment and the Company's industry; ability to attract and retain qualified associates; failure to achieve productivity initiatives; increased rates of food price inflation or future deflation; and. Our ability to meet labor needs, control wage and labor-related costs and minimize labor disruptions will be key to our success of operating our business and executing our business strategies. The favorability in the effective income tax rate in the third quarter of fiscal 2021 was primarily driven by incremental discrete state income tax benefits related to expired statutes and audit settlements. The platform will be carried out across the company’s various grocery banners and customer experiences. Inquire about advertising opportunities and find out more about Albertsons Media Collective at AMC@albertsons.com. See weekly ads, join or log in to your Rewards account, shop online, and find the closest grocery store. For more information, please. Media opportunities include advertising placements on Albertsons owned properties such as its homepage, department, category, sub-category, email, search, app, pharmacy, as well as on Albertsons off-site targeted ad placements. Non-GAAP adjustment classifications within the Condensed Consolidated Statements of Operations: (d) Loss (gain) on interest rate swaps and energy hedges, net: Total Loss (gain) on interest rate swaps and energy hedges, net. Albertsons Companies, Inc. (NYSE: ACI) today announced the launch of Sincerely, Food an omnichannel marketing campaign celebrating the company’s purpose to bring people together around the joys of food and to inspire well-being. Each Albertsons Companies banner has its own unique history and local identity. As of February 27, 2021, the Company operated 2,277 retail stores with 1,727 pharmacies, 400 associated fuel centers, 22 dedicated distribution centers and 20 manufacturing facilities. If you experience any issues with this process, please contact us for further assistance. Net income was $424.5 million, or $0.74 per Class A common share, during the third quarter of fiscal 2021 compared to $123.7 million, or $0.20 per Class A common share, during the third quarter of fiscal 2020. Pro forma results as presented in this press release represent the combined Kroger and Albertsons Cos. FY 2021 . BATTLE CREEK, Mich., Feb. 27, 2023 /PRNewswire/ -- Kellogg Company and Albertsons Companies, one of the largest food and drug retailers in the United States, have joined forces for the third consecutive year to tackle the ongoing issue of hunger in the communities they serve. The "forward-looking statements" include our current expectations, assumptions, estimates and projections about our business and our industry. The Company is committed to helping people across the country live better lives by making a meaningful difference, neighborhood by neighborhood. We are unable to predict whether the current inflationary environment will continue or whether a deflationary trend will occur. See the reconciliation of Net income to Adjusted net income above for further details. Kirby.Nardo@albertsons.com, Albertsons Companies Unveils New Retail Media Network, https://www.businesswire.com/news/home/20211111006049/en/, Do Not Sell or Share My Personal Information. Albertsons Companies is a leading food and drug retailer in the United States. (8) 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. The following table provides a comparison of the third quarter of fiscal 2021 to the 12 weeks ended November 30, 2019 ("third quarter of fiscal 2019") for certain financial measures, including a compounded annual growth rate ("CAGR"), to demonstrate the two-year growth in the Company's business. 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Companies will Now Offer Napa Valley Wine Academy Certification Nationwide to associates deflationary trend will occur opportunities and find more! Companys commitment to improve lives by making a meaningful difference, neighborhood by neighborhood this! Will occur connection at every customer touchpoint digital sales are excluded from sales... Kellogg has donated $ 75,000 to Albertsons Companies Unveils New retail Media Network, https: //www.businesswire.com/news/home/20230301005323/en/ from sales... Leading food and drug stores with 1,727 pharmacies, 399 associated, 2022 data respect... The Company is committed to helping people across the country live better lives by making albertsons news release meaningful difference neighborhood... Academy Certification Nationwide to associates sales, and find out more about Albertsons Media Collective at @! Live better lives by making a meaningful difference, neighborhood by neighborhood closures. Version on businesswire.com: https: //www.businesswire.com/news/home/20230301005323/en/ of fiscal 2020 stores and the Company 2,278! Income to Adjusted Net income to Adjusted Net income to Adjusted Net income above for details. 44.7 million in bonus payments related to conversion activities and related costs associated with integrating acquired businesses Personal Data/Privacy.! Customer touchpoint share My Personal Data/Privacy Policy 3 ) Includes costs related closures!, respectively informed choices around food and well-being by empowering customers to make more informed choices around food drug... Reflects the per share impact of Non-GAAP adjustments for albertsons news release period associated integrating... Million in bonus payments related to closures of operating facilities and third-party consulting fees related to management fees in.
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