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.
The Kroger Co. (NYSE: KR) has partnered with Kitchen United to offer customers on-demand meal services from popular restaurants. This collaboration features ghost kitchens at select Kroger locations, enabling customers to order from multiple restaurants simultaneously. The first kitchen is set to open at a Ralphs store in Los Angeles this fall, with further expansions planned. This initiative aims to enhance Kroger's service offerings, allowing customers to conveniently order meals while grocery shopping.
The Kroger Co. (NYSE: KR) has elected Elaine Chao to its board of directors, effective immediately. Chao's extensive experience includes serving as U.S. Secretary of Labor and U.S. Secretary of Transportation, along with roles in numerous Fortune 500 companies. Her election is part of Kroger's strategy to enhance corporate governance and bring diverse perspectives to the board. Chao will serve until the annual meeting of shareholders in June 2022, at which point she will stand for re-election.
Kroger's Central Division has ratified new labor agreements with UFCW Local 536, benefiting over 1,100 associates in central Illinois. The agreements, which last three years, include a substantial investment of $11.3 million in wage increases. Associates will receive enhanced pay, affordable health care, and ongoing contributions to pension funds. Colleen Juergensen, president of Kroger's Central Division, expressed satisfaction with the outcome, highlighting the collaborative efforts of both bargaining committees. The contracts cover retail and meat clerks across 13 stores in cities like Peoria and Bloomington.
The Kroger Co. (NYSE: KR) has partnered with Inclusion Companies LLC and co-founder Jewel to present The Wellness Experience in Cincinnati, OH, on August 20-21, 2021. This free festival aims to promote health and wellness, featuring over 100 interactive experiences across health, nutrition, activity, and inspiration. Notable participants include NASCAR driver Kyle Busch and wellness advocates like Tabitha Brown. Kroger Health, with 2,200 pharmacies serving over 14 million customers, emphasizes 'food as medicine' and mental well-being during this event, which offers valuable resources for healthier living.
The Kroger Co. (NYSE: KR) has appointed Rob Quast as the new Head of Investor Relations, effective immediately. Quast, who joined Kroger in 2013, previously served as director of insurance and claims, overseeing the company's global insurance strategy. He brings extensive financial expertise and leadership skills. Quast takes over from Rebekah Manis, who will lead Kroger's expansion into new geographies, including its recent entry into Florida. Kroger's CFO, Gary Millerchip, expressed confidence in Quast's ability to enhance shareholder engagement and communicate the company's growth strategy.
The Kroger Co. (NYSE: KR) has announced the retirement of Steve McKinney, senior vice president of retail divisions, effective August 7, 2021, after 40 years at the company. He will be succeeded by Valerie Jabbar, currently group vice president of center store merchandising. Jabbar has been with Kroger since 1987, holding various leadership roles, including president of the Ralphs division. Jabbar's extensive experience is expected to enhance Kroger's leadership team as she takes on her new responsibilities.
The Kroger Atlanta division and UFCW Local 1996 members have ratified new labor agreements, effective July 7 and 8, which will invest over $300 million in wage increases over four years. This follows Kroger's national investment of $800 million in wage increases in the past three years. The agreements cover 22,000 associates across 170 stores in Greater Atlanta and Savannah, offering significant pay increases, affordable healthcare, and pension support. Kroger aims to foster talent development and career opportunities for its associates.
The Kroger Co. (NYSE: KR) has partnered with KNAPP to enhance its Great Lakes Distribution Center in Delaware, Ohio. The renovation, expected to be completed this summer, will expand the facility by 130,000 square feet and incorporate advanced automation technology. This upgrade aims to improve efficiency in replenishing stores and more than double the center's capacity. According to Kroger's VP, this initiative is a critical part of their supply chain transformation, ensuring they meet growing customer demand more effectively.
The Kroger Co. (NYSE: KR) announced a dividend increase from 72 to 84 cents per year, marking a 17% uplift. The next quarterly dividend of 21 cents per share is set for September 1, 2021, payable to shareholders on record by August 13. This increase reflects Kroger's confidence in sustained free cash flow and strong performance, continuing its trend of annual increases for 15 consecutive years.
Kroger aims to maintain this growth over time through effective capital allocation strategies.
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