Now can you just -- Bryan, what is your second question again? He has worked as Senior VP:Strategy & Dev at PEPSICO INC; SVP GM, South Business Unit Frito Lay at PEPSICO INC; and President/COO at Frito-Lay North America Inc.. Vivek studied at Michigan Ross School of Business between 1991 and 1993, GEORGIA INSTITUTE OF TECH between 1987 and 1988, and Indian Institute of Technology/Madras between 1981 and 1985. Just curious as to how you are thinking about consumer reaction, the price increases from here to remaining price takers. Presented "How to Create a Trauma-Responsive Courtroom: What to Expect From Your Attorneys" at the Alia Judges' Summit, Minneapolis. The debate we've all -- in the past, we had all said with this degree of supply constraint, there is untapped growth. So let's talk about out of stocks, right? We've all learned to make sure that the stores are still very presentable, give the consumers as much choice as we can get. And that's another consideration we should all be thinking about and we are modeling as we think about the future. Co-presented "Separating Children From Their Parents" at the Michigan Statewide Conference on Abuse and Neglect, Plymouth, Michigan. All rights reserved. So those will be additional tailwinds for 2022. Get this delivered to your inbox, and more info about our products and services. With me today from the Company are Vivek Sankaran, our CEO; and Sharon McCollam, our President and CFO. And what I'll point to in Q3 that I am most excited about is our retention rates of customers. I would like to remind you that management may make statements during this call that are or could include forward-looking statements within the meaning of the federal securities laws. And then secondarily, on Own Brands, our Nielsen data shows that private label trailed overall grocery throughout 2021. The areas that we will be continuing to invest in are the areas you would expect. If you can maybe provide color in terms of the monthly trends during the quarter and then any color on quarter-to-date trends as well. Share. And I think as a business, we've all learned to manage it. So look at us to accelerate the foundation that we've built across many different fronts over the last few years. And then I wanted to ask, we're starting to see -- this is very anecdotal, but some out of stocks across a lot of different categories in supermarkets. View all articles by Vivek . Thank you, Sharon. But I know that this is a very important question, especially in light of my joining the Company. We're up to $149 million. Co-facilitated the "Family Defense Appellate Workshop" for Michigan's State Court Administrative Office, University of Michigan Law School, Ann Arbor. Is this happening to you frequently? But clearly, the performance last year was strong. We are seeing it in our supply base. This also sets us up into 2022 because as we have pharmacy customers that are coming into our stores, and we are serving them in these ways, it is definitely and we can measure improved engagement and higher customer lifetime value. As the CEO & Director of Albertsons Companies, the total compensation of Mr Sankaran at Albertsons Companies is $8,483,335. And we'll continue to look at it, Scott. Albertsons Companies is the nations third-largest private company, with more than $60 billion in annual revenue. And wondering if you could share any rough estimates of how much the vaccine and booster shots might have contributed to the comp as well? To this end, we have been automating production planning and simplifying tasks in our fresh departments, resulting in better quality, higher in stocks, and more time for customer interactions. 2023 The University of Michigan Law School. He has led organizations of 150,000 employees across operations, technology and human resources. "It used to be typically 1.5%, so it's a little bit higher. Yes. Anuj Dhanda graduated from the University of Delhi with a degree in Commerce and received his MBA and Ph.D. in Finance from Rutgers University. And the way we do that is to make sure that we are judicious about the categories where we pass it through. I wanted to follow up on Michael's question around the COVID vaccines. Albertsons may also be known as or be related to ALBERTSONS COMPANIES INC., Albertsons, Albertsons Companies and Albertsons Companies Inc. And that's the foundation, right, for creating value. Email. And you said you were running better than the 3% to 4%. Please proceed with your question. I currently serve as CEO of Albertsons Companies, one of the largest food and drug retailers in the U.S. For over 13 years, I have been immersed in the food and grocery space, leading . We had an e-commerce business that was -- I think dubbed was in like 150 or 200 stores, something like that, okay? Indian American Vivek Sankaran has joined Albertsons Companies, the largest food and drug retail chain in the United States, as its President and Chief Executive Officer. Prior to that, he served as the company's president and chief operating officer, a position he was named to in 2016. And we believe that still. We want to hear from you. In the Just for U loyalty program, ongoing benefit enhancements continued to accelerate membership growth, which increased 17% year-over-year to 28 million members, and actively engaged members continued to increase. The employee data is based on information from people who have self-reported their past or current employments at Albertsons. We also, Simeon, are competing with a very broad set of competitors every day in the market where we compete. So we are seeing benefits. As of February 26, 2022, it operated 2,276 stores under various banners, including Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, Carrs, Jewel-Osco, Acme, Shaw's, Star Market, United Supermarkets, Market Street, Haggen, Kings Food Markets, and Balducci's Food Lovers Market; and 1,722 pharmacies, 1,317 in-store branded coffee shops, 402 adjacent fuel centers, 22 distribution centers, and 20 manufacturing facilities, as well as various digital platforms. The estimated net worth of Vivek Sankaran is at least $1.82 million as of March 7th, 2019. We still see -- but there's noise, right? Michael, what is your second question again? And so, if you -- and we were just launching so many of our different initiatives. That's perfect. Yes, Michael, we had -- we've dispensed 11 million vaccines to date, probably one of the highest on a per store basis in the -- from a pharmacy standpoint, 3 million in the quarter. 03:07. Albertsons has 325,000 employees, of which 45 are in a leadership position. To offset the cost of inflation and fund future investment, our next priority is to continue to identify and drive productivity across all disciplines in our business. He is also on the board of The Guardian Life Insurance Company of America and Guardian Life Insurance Co. and Member of Safe Water Network and President-Frito-Lay North . Sankaran has written numerous articles focused on improving the child welfare system and has litigated cases before the Michigan Supreme Court. So we -- this will also be a tailwind into 2022 in a substantial way. Federal Reserve officials believe price pressures will normalize as the Covid economic recovery progresses, although Chairman Jerome Powell acknowledged earlier Wednesday that "inflation could turn out to be higher and more persistent than we expect. How much is that starting to hurt you as you don't necessarily get full truckloads or no truckloads as maybe some of your labor isn't quite as available? Fair enough. Is it that the rate of product cost inflation is just overwhelming and you can't pass it through or are you resisting to pass-through because the market dynamics are changing? What does Albertsons Companies do? Excluding fuel and a $286 million pension withdrawal charge in Q3 2020, selling and administrative expenses decreased 20 basis points versus Q3 2020. Do you think you can expand gross margins ex-fuel in '22? Our stories are made possible because readers like you provide support. Supply will be always a little bit tricky, but we are feeling very good about where we're growing in Own Brands. "But we're far away from that, in my opinion.". And my follow-up question is as we look towards 2022, I know you guys can't provide any specific guidance today, but is there any general thoughts on your ability to lap over this higher base next year? When you look at other retailers who have substantially more stores than we do, they are not near those numbers. "That said, it's happening in an environment where the consumer is really strong. Susan was named EVP, East Operations in April 2016. That's the principle with which we've done this business. And Vivek, I'll just turn to you to take the Own Brands. To enable the delivery of 37 million healthy breakfast to those in need, we collected $9 million, thanks to the generosity of our customers and the Thanksgiving and other 100,000 meals were provided to those in need with the help of one of our third-party delivery partners. This digital transformation is designed to fuel our growth as we aim to drive increasing customer engagement, customer satisfaction, and customer retention through an area of convenient shopping experiences. Omicron has put a bit of a dent on that. Collectively, these results demonstrate the momentum being driven by our transformation strategy and the benefits of a strong consumer backdrop. Certainly, the boosters are proving to be very good for the population and for the people. ; 65% of the management team is White. Please. Sankaran will start his new job April 25th, according to the SEC filing. Most recently, Sankaran co-edited both the first national book for family defense lawyers and the third edition ofChild Welfare Law and Practice, a widely recognized resource used by child welfare lawyers across the country. 65% of the management team is White. 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. We've got a lot of different initiatives that are all gross margin tailwinds that continue to provide that cushion in case we need to compete differently for the customer. Before joining PepsiCo in 2009, Vivek was a partner at McKinsey and Company, where he served various Fortune 100 companies bringing a strong focus on strategy and operations. This decrease was primarily driven by lower COVID-19-related expenses and the benefit of productivity initiatives. Yes, Simeon, I think the way to think of it is we incur -- we are incurring more overtime, right? Our next question comes from the line of Edward Kelly with Wells Fargo. And then we are continuing, of course, to pay our dividend. Albertsons CEO discusses higher inflation and strength of U.S. consumer. Theres a precedent for nerves. But anything you can see early on that might enlighten us on what the trends might be? "The company shall reimburse the executive for at least six months of temporary housing in the Boise, Idaho area at a reimbursement rate not to exceed $4,500 per month," the filing notes. And so we are hoping that part of 2022, as supply comes back, we'll also see growth in some of the categories, especially ones that are more expandable consumption. Then, of course, in the supply chain, that will be another area that we will continue to be working on various forms of acceleration of productivity in that space. I wanted to ask a quick follow-up to Ed Kelly's question. Okay. Yes. That's helpful. As the CEO & Director of Albertsons Companies, the total compensation of Mr Sankaran at Albertsons Companies is 8,483,335. And with that, I'll hand the call over to Vivek. And we just hope that as this -- as the year goes through, right, as the calendar year goes through, this inflation remains at this level, stabilizes and then hopefully we get something better in the second half. Bryan, one, on the Retail Media initiative, we're launching it officially at the end of February. The data presented on this page does not represent the view of Albertsons and its employees or that of Zippia. Your membership makes our journalism possible. We've got the grocery stores, we've got vast merchants, we've got dollar stores, discounted online players, you name it. Our pharmacy team also continues to serve our communities within area of services, including the COVID and flu vaccines. Dhanda brings extensive background in merger integration, digital marketing and commerce, systems modernization, and data security.Dhanda joined Albertsons Companies in December 2015. I would like to hand the call over to Melissa Plaisance, Senior Vice President, Investor Relations, Treasury and Risk Management. Yes. Excluding the impact of fuel, our gross margin rate increased 10 basis points compared to Q3 2020, primarily due to productivity initiatives, improved pharmacy margins related to COVID-19 vaccine and favorable product mix, including in fresh, where sales outpaced center store by 500 basis points. So that's how to think about that. Yes. He joined Giant Eagle as CIO in 2013. And are you concerned at all from a margin standpoint incrementally? Scott, thank you. Yes, I would just add one thing to that. And could those in-stock levels get back to normal for the industry, you think? This increase was primarily driven by the 5.2% increase in ID sales. And during the third quarter, fresh ID sales outpaced center store by 500 basis points year-over-year and over 400 basis points versus two years ago. Karen, we are not going to give an outlook for 2022 today. And so that definitely contributes to ID sales and gross profit. And then obviously, we will be, at some point, lapping vaccination, assuming that this does not continue. Mr. Sankaran owns 90,379 shares of Albertsons Companies stock worth more than $1,815,714 as of March 7th. Now what we don't know is if inflation continues to go up, does that behavior change as we go through the calendar 2022? But buried deep in a filing Friday with the Securities & Exchange Commission, its clear the reconstituted Albertsons will bring new CEO Vivek Sankaran to Boise. But I think with Omicron, you have the physical. You had talked about some uncertainty or at least you don't really know what the reaction will be from the consumer. Can you just give us a sense or just paint the picture. And we can see that because there's no reason for a household to suddenly start spending 3x, 4x with us than they did -- before they engaged in omnichannel. Thank you all for participating in the call today. We expect our tax rate to be in the range of 22.5% to 23.5% compared to a range of 23% to 24% previously. Are there any early learnings that you have? Vivek joined Albertsons Companies, Inc. in April 2019 and serves as the company's Chief Executive Officer.