Albertsons Companies Inc (NYSE:ABS) Q1 2020 Earnings Conference Call - Final Transcript

Jul 27, 2020 • 11:00 am ET


Albertsons Companies Inc (NYSE:ABS) Q1 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, welcome to the Albertsons Companies First Quarter 2020 Conference Call, and thank you for standing by. [Operator Instructions] This call is being recorded. [Operator Instructions]

I would like to turn the call over to Melissa Plaisance, GVP of Treasury and Investor Relations. Thank you. You may begin.

Melissa Plaisance

Good morning, and thank you for joining us for the Albertsons Companies first quarter 2020 earnings conference call. With me today from the company are Vivek Sankaran, our President and CEO; and Bob Dimond, our CFO. Today, Vivek will start with some opening remarks, share insight into our strong first quarter 2020 results and outline recent progress against our strategic priorities. Bob will then provide the financial details of our first quarter before handing it back over to Vivek for some closing remarks. After management comments, we will conduct a question-and-answer session.

I would like to remind you that management may make statements during this call that include forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not limited to historical facts but contain information about future operating or financial performance. Forward-looking statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to be materially different from those anticipated. These risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements include those related to the COVID-19 pandemic, about which there are still many unknowns, including the duration of the pandemic and the extent of its impact.

Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are and will be contained from time to time in our SEC filings, including on Form 10-K, 10-Q, 8-K and our prospectus dated June 25th, 2020, and filed pursuant to Rule 424B1. Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to update or revise any such statements as a result of new information, future events or otherwise.

Please keep in mind that included in the financial statements and management's prepared remarks are certain non-GAAP measures. And the historical financial information includes a reconciliation of net income to adjusted net income and adjusted EBITDA.

And with that, I will hand the call over to Vivek.

Vivek Sankaran

Thank you, Melissa. Good morning, everyone, and thanks for joining us today. As you all know, Albertsons Companies went public just over a month ago, and I'm very pleased to welcome the equity investment community to this call. This is an important new chapter for us. So before we discuss our strong Q1 results, I'd like to first share some brief comments about our journey, especially for those on the call who may not be as familiar with the Albertsons story.

Following the successful completion of the Safeway integration in 2019, we began the next phase of our transformation. We studied the competitive environment and secular trends and formulated