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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) reported strong third quarter 2020 results, with total sales of $29.7 billion, up from $28.0 billion year-over-year. The company saw a 10.9% increase in identical sales and a doubling of EPS from $0.32 to $0.80.
Kroger's operating profit reached $792 million, supported by effective execution of its Restock Kroger plan. The company raised its full-year guidance, projecting a 14% increase in identical sales and 50-53% adjusted EPS growth. Kroger invested $1.3 billion in associate wellbeing and launched new initiatives to enhance customer experience amid the pandemic.
The Kroger Co. (NYSE: KR) announced the ratification of an agreement with 20 local unions to withdraw from the UFCW International Union-Industry Pension Fund. This decision involves a withdrawal liability payment of $962 million and a $27 million transition reserve contribution, totaling approximately $760 million after taxes. The agreement aims to enhance the stability of future pension benefits for associates. This move reflects Kroger's commitment to securing associate pensions amidst funding challenges, incurring an estimated $0.98 charge per diluted share in Q4 2020.
The Kroger Family of Companies (NYSE: KR) and Ocado (LSE: OCDO) are expanding their partnership to build a new high-tech Customer Fulfillment Center (CFC) in the South region. This facility, measuring 200,000 square feet, will enhance Kroger's grocery e-commerce capabilities. The collaboration also includes in-store fulfillment capabilities, set to begin rollout in 2021. Kroger's existing CFCs are located in various states, with the first two sites opening in Monroe, OH and Groveland, FL in early 2021. This initiative aims to improve customer service and operational efficiency.
The Kroger Co. (NYSE: KR) will host its third quarter 2020 earnings conference call on December 3, 2020, at 10:00 a.m. ET. The management team will discuss financial and operational results from the quarter that ended on November 7, 2020. Investors can access the live broadcast at ir.kroger.com, where a replay will be available later that same day. Kroger aims to create #ZeroHungerZeroWaste communities by 2025, serving over 11 million customers daily across its family of companies.
Kroger Houston announced a significant commitment of $56 million to increase wages for associates and improve health care benefits. This investment follows prolonged negotiations with UFCW Local 455, which has yet to schedule a vote on Kroger's proposed offers. The company also plans to enhance pension benefits with a $1 billion investment aimed at transitioning associates to a more stable variable annuity pension plan. The health care coverage will shift from an unstable fund to a company-administered plan, offering lower premiums compared to national averages.
Kroger Health has launched rapid antibody testing at its pharmacies, starting in California and Michigan, with plans to expand nationwide by the end of November. These FDA-authorized tests cost $25 and provide results in approximately 15 minutes. The initiative aims to enhance COVID-19 testing accessibility, especially given the reported shortages in lab testing capacity. Kroger Health emphasizes its commitment to public health through affordable and convenient testing options, helping individuals learn about past infections.
The Kroger Co. (NYSE: KR) has updated investors on its transformative Restock Kroger initiative, which aims to enhance shareholder returns of 8% - 11%. The company reported annual cost savings exceeding $1 billion, which are being reinvested to improve customer and associate experiences. Kroger has returned approximately $6.4 billion to shareholders since fiscal 2017 through dividends and share repurchases. The company reaffirmed its 2020 financial guidance and expressed confidence in future growth, driven by strong market share and operational efficiency.
Kroger Co. (NYSE: KR) will hold an investor update conference call on October 27, 2020, at 9:00 a.m. ET. CEO Rodney McMullen and CFO Gary Millerchip will lead the discussion. Due to COVID-19 travel restrictions, the annual Investor Day has been postponed to spring 2021. The event can be accessed online at ir.kroger.com, with a replay available at approximately 1 p.m. ET on the same day. Kroger aims to foster #ZeroHungerZeroWaste communities by 2025, serving over 11 million customers daily.
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