Welcome to our dedicated page for The Kroger Co. news (Ticker: KR), a resource for investors and traders seeking the latest updates and insights on The Kroger Co. stock.
The Kroger Co. (NYSE: KR) is a premier retail giant and one of the largest grocery retailers in the United States. With more than 2,425 supermarkets and multi-department stores spanning across 31 states, Kroger operates under a wide array of local banner names including Kroger, City Market, Dillon's, Jay C, Food 4 Less, Fred Meyer, Fry's, King Soopers, QFC, Ralphs, and Smith's. Additionally, the company boasts 789 convenience stores, 337 fine jewelry stores, 1,109 supermarket fuel centers, and 38 food processing plants in the U.S.
Kroger is not just about grocery retailing. It offers a diversified portfolio of services and products, including 80+ “The Little Clinic” retail healthcare sites, pharmacies in 80% of its locations, and fuel stations at 60% of its stores. Kroger's private-label products contribute significantly to its revenue, with around 30% of units produced in-house in its 33 food production plants.
The company is recognized for its commitment to the community and social responsibility. It supports numerous initiatives such as hunger relief, breast cancer awareness, military family support, and more than 30,000 schools and grassroots organizations. Kroger contributes food and funds equal to 160 million meals annually through its partnerships with over 80 Feeding America food banks.
Financially, Kroger has maintained robust performance, evidenced by its 2023 fiscal year results. Total company sales reached $150.0 billion, including $2.7 billion from the 53rd week. The company also continues to innovate and expand, as seen in its recent launch of MCoBeauty in the U.S., exclusive to Kroger stores.
Kroger's strategy for growth includes leveraging its “Leading with Fresh” and “Accelerating with Digital” platforms. The company is continually investing in its seamless shopping experience, digital innovation, and associate welfare, aiming to create a sustainable growth model. Recent initiatives include the sale of its specialty pharmacy business to CarelonRx and the introduction of SDS for HD, a coastal living home décor collection in collaboration with Bravo Reality Personality Craig Conover.
Furthermore, Kroger's proposed merger with Albertsons aims to expand its market reach, bringing even more choices and lower prices to consumers while securing the long-term future of unionized grocery jobs. The merger is expected to enhance competition, increase local product offerings, and maintain job security for frontline associates.
To stay updated on Kroger’s latest financial performance, growth strategies, and community initiatives, visit Kroger’s newsroom and investor relations site.
Kroger (NYSE: KR) and Bed Bath & Beyond (NASDAQ: BBBY) have launched a new e-commerce experience on Kroger.com, expanding their product offerings in home and baby categories. This collaboration aims to create a seamless digital shopping experience, allowing customers to purchase a variety of products, including exclusive Owned Brands from Bed Bath & Beyond and buybuy BABY. The initiative encompasses thousands of items and aims to enhance customer convenience and satisfaction.
Kroger has launched its new Restaurant Supply service in the Greater Dallas area, aimed at local restaurant operators. This service simplifies the procurement of fresh food at wholesale prices, offering competitive pricing, the ability to purchase items by case or unit, and free next-day delivery on orders over $250. The initiative addresses supply chain issues affecting restaurants, enabling them to maintain menu favorites with reliable product availability and consistent pricing. The service operates seven days a week, enhancing Kroger's support for regional food businesses.
The Kroger Co. (NYSE: KR) has appointed Erin Rolfes as the new Director of Corporate Communications & Media Relations. Rolfes, who joined Kroger in 2018, previously led Kroger Technology & Digital Communications. Her responsibilities include enhancing Kroger's corporate reputation and driving brand narrative. She succeeds Kristal Howard, who is leaving for other interests. Rolfes has notable experience in strategic communications and was recognized in the Cincinnati Business Courier's Forty under 40 list.
The Kroger Co. (NYSE: KR) announced that Carl Icahn intends to nominate two director candidates, Alexis C. Fox and Margarita Paláu-Hernández, for election at the 2022 Annual Meeting of Shareholders. The Board of Directors supports open communication with shareholders and prioritizes environmental, social, and governance (ESG) matters, particularly animal welfare. Kroger aims to eliminate the use of gestation crates in its pork supply chain by 2025 and has established a Responsible Sourcing Framework to uphold these commitments. Shareholders need not take action at this time.
The Kroger Co. (NYSE: KR) announced a quarterly dividend of 21 cents per share, payable on June 1, 2022, to shareholders on record as of May 13, 2022. This marks a continuation of their dividend growth, which has seen a double-digit compound annual growth rate since its reinstatement in 2006. The company aims to deliver sustainable total shareholder returns of 8% to 11% over time, focusing on using free cash flow for investments, maintaining investment-grade ratings, and returning capital to shareholders.
The Kroger Co. (NYSE: KR) announced its expansion of grocery delivery services at its 2022 Business Update. New spoke facilities are set to open in Austin and San Antonio, TX, and Birmingham, AL, enhancing its fulfillment capabilities in collaboration with Ocado Group (LSE: OCDO). Each facility will serve as a last-mile cross-dock location, with the Austin and San Antonio sites creating up to 161 jobs each. The expansion aims to double digital sales and profitability by the end of 2023, leveraging automation and strategic partnerships.
The Kroger Co. (NYSE: KR) recently held its 2022 Business Update in Orlando, detailing its strategy of Leading with Fresh and Accelerating with Digital. CEO Rodney McMullen highlighted robust financial results and ongoing investments in innovation and technology that support sustainable growth. Key themes included enhancing customer loyalty through competitive advantages, expanding its digital ecosystem into new regions, and maintaining a total shareholder return (TSR) target of 8-11%. The updates aim to foster long-term growth while committing to environmental and social governance initiatives.
The Kroger Co. reported strong fourth-quarter results for 2021, with identical sales without fuel rising by 4.0% and digital sales demonstrating impressive two-year growth of 105%. EPS reached $0.75, or $0.91 adjusted, alongside operating profits of $965 million. For fiscal 2021, total sales increased to $137.9 billion, and adjusted EPS stood at $3.68. Looking ahead, Kroger projects 2022 identical sales growth of 2.0% to 3.0% and adjusted EPS between $3.75 and $3.85. The company continues to invest in its workforce, raising average hourly wages significantly, while maintaining a positive outlook for total shareholder returns of 8-11%.
The Kroger Co. (NYSE: KR) announced the opening of a new Customer Fulfillment Center (CFC) in northeast Ohio, powered by Ocado Group (LSE: OCDO). This facility will leverage advanced technology, including robotics and machine learning, to enhance grocery delivery services. The CFC, covering 270,000 square feet, aims to create up to 400 new jobs and is part of Kroger's strategy to double its digital sales by the end of 2023. The site is expected to begin operations in 24 months, serving areas in Ohio and Pennsylvania.
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