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) announced the retirement of Robert Clark, senior vice president of supply chain, effective February 1, 2021, after over 35 years with the company. Gabriel Arreaga will succeed him, starting October 1, 2020. Arreaga brings 22 years of supply chain leadership experience, previously serving at Mondelez International. Kroger's chairman praised Clark's contributions, noting his leadership helped advance operations and uplift associates. The company continues its commitment to enhancing customer shopping experiences with this leadership transition.
The Kroger Co. (NYSE: KR) and Ocado announced a new Customer Fulfillment Center (CFC) in Romulus, Michigan, as part of their expansion in the Great Lakes Region. This high-tech facility, costing $95 million, is expected to create 250 jobs and improve grocery delivery services. The 135,000-square-foot CFC will leverage advanced robotics to enhance e-commerce capabilities and is projected to be operational within 18 months. This investment reflects Kroger's commitment to enhancing access to fresh food and streamlining logistics in the region.
The Kroger Co. and Ocado have announced the establishment of a new Customer Fulfillment Center (CFC) in Romulus, Michigan, as part of their continued partnership to enhance grocery e-commerce. This 135,000-square-foot facility, which requires a $95 million investment, is expected to create 250 jobs and support customers across Michigan, Northern Ohio, and Indiana. The CFC will utilize advanced robotics technology to improve grocery delivery services, responding to rising online demand. The project is projected to become operational within 18 months of breaking ground.
The Kroger Co. (NYSE: KR) is enhancing its Zero Hunger | Zero Waste initiative, which aims to eliminate hunger and waste by 2025. A recent survey by Kroger's 84.51˚ shows that consumers are increasingly aware of food waste, with 35% saying they are more conscious since the COVID-19 pandemic. Kroger has partnered with 16 suppliers to halve food loss by 2030 and has reduced in-store food waste by 13% over two years. The company also advocates for simplified date labeling and community recycling programs.
Kroger collaborates with Jewel and Inclusion Companies to launch The Wellness Experience, a platform promoting mental wellness through various events. The inaugural event, a free World Mental Health Day Summit & Concert, is scheduled for October 10, 2020, featuring discussions on mindfulness, mental health, and performances by various artists. The initiative aims to address mental health challenges exacerbated by the COVID-19 pandemic while supporting the Inspiring Children Foundation with proceeds.
The Kroger Co. (NYSE: KR) has declared a quarterly dividend of 18¢ per share, set to be paid on December 1, 2020, to shareholders on record by November 13, 2020. Since its reinstatement in 2006, Kroger's dividends have grown at a double-digit compound annual growth rate. The company aims to increase dividends over time, supported by its capital allocation strategy that balances investment in business growth and shareholder returns. However, future dividends will depend on generating sufficient free cash flow and meeting operational expectations.
The Kroger Co. (NYSE: KR) announced on September 14, 2020, that associates at 98 stores in Dallas ratified a new labor agreement with UFCW Local 1000. The agreement will lead to wage increases for over 11,000 associates, with Kroger investing an additional $300 million in associate wages, totaling $800 million by year-end as part of its Restock Kroger initiative. The deal also includes ratification bonuses, retroactive pay, and enhanced health benefits for employees. This agreement reflects Kroger's continued commitment to its workforce and community support.
The Kroger Co. (NYSE: KR) reported strong Q2 2020 results, showcasing a 14.6% increase in identical sales and an EPS rise to $1.03 from $0.37 YoY. Total sales reached $30.5 billion, up from $28.2 billion, reflecting a 13.9% growth excluding fuel. The gross margin improved to 22.8%, while operating profit increased to $820 million. Kroger authorized a new $1 billion share buyback program and raised dividends by 13%, marking 14 consecutive years of increases. For FY 2020, Kroger expects identical sales growth exceeding 13% and adjusted EPS growth of 45%-50%.
Kroger Health, the healthcare division of Kroger Co. (NYSE: KR), launched an extensive flu shot program to facilitate vaccinations amid the COVID-19 pandemic. This initiative features touchless in-store appointments and drive-thru vaccinations at community Flu Shot Centers nationwide. Customers can easily book appointments online, and Kroger Health offers on-site flu shot services for organizations. With over 2,200 pharmacies and clinics across 35 states, the program aims to alleviate pressure on healthcare facilities and promote public health.
The Kroger Co. (NYSE: KR) will hold its second quarter 2020 earnings conference call on September 11, 2020, at 10:00 a.m. ET. Management will provide insights into the company’s financial and operational results for the quarter ended on August 15, 2020. The call will be available online at ir.kroger.com, with a replay accessible later in the day.
Kroger aims to create #ZeroHungerZeroWaste communities by 2025, focusing on a seamless shopping experience for over 11 million daily customers.
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