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 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.
The Kroger Co. (NYSE: KR) and Inclusion Companies LLC will host The Wellness Experience, a wellness festival co-founded by Jewel, on August 20-21, 2021, in Cincinnati, OH. The festival includes live music, workouts, and cooking demonstrations, emphasizing overall health in light of recent events. The event aims to inspire healthy living and is free to attend, with activities like the Food As Medicine Expo and a donation drive for Freestore Foodbank. It reflects Kroger's commitment to community health and wellness.
Kroger Co. (NYSE: KR) reported its Q1 2021 results, showing total sales of $41.3 billion, a slight decline from last year. Key metrics include a 4.1% drop in identical sales and an EPS of $0.18, down from $1.52 YoY. Despite challenges, Kroger's digital sales grew significantly, up triple digits since 2019. The company announced a $1 billion share repurchase program and raised its full-year guidance for identical sales growth to 10.1%-11.6%. Notably, Kroger's gross margin rate decreased by 65 basis points due to higher shrink and price investments, affecting overall profitability.
The Kroger Co. (NYSE: KR) will hold its annual meeting of shareholders virtually on June 24, 2021, at 11 a.m. ET. Shareholders can participate from anywhere with internet access, allowing them to listen, vote, and submit questions. The meeting will be broadcast online at www.virtualshareholdermeeting.com/KR2021. An on-demand replay will be available approximately 24 hours post-meeting on Kroger's investor relations site.
Kroger is committed to its mission of feeding the human spirit and aims for #ZeroHungerZeroWaste communities by 2025.
The Kroger Co. has launched its Customer Fulfillment Center (CFC) in Groveland, Florida, marking its entry into the Florida market. This innovative e-commerce delivery service, powered by Ocado Group, utilizes advanced technology such as robotics and machine learning to enhance grocery delivery efficiency. The CFC, spanning 375,000 square feet, can fulfill thousands of orders daily. Kroger aims to offer a broad selection of fresh groceries and unique rewards programs, creating hundreds of jobs in the region while expanding its e-commerce capabilities in Florida.
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