As companies across the industry have battened down the hatches and hunkered down for the storm that has followed the COVID-19 pandemic, Kroger has stood firm in its footing and come out ahead. In its latest second quarter report, the grocer has seen $30.5 billion in sales. This comes as a sizable increase from its $28.2 billion reported last year’s second quarter earnings.
“We delivered extremely strong results in the second quarter and expect to deliver consistently attractive total shareholder returns,” stated CEO and Chairman Rodney McMullen. “We are more certain than ever that the strategic choices and investments made through Restock Kroger to execute against our competitive moats—Fresh, Our Brands, Personalization, and Seamless—have positioned Kroger to meet the moment, especially as customers are rediscovering their passion for food at home.”
Highlights from the second quarter include:
McMullen noted in the company’s press release the dedication of Kroger’s team as it has continued to deliver solutions for consumers.
“Each day, I’m inspired by the work our incredible associates do to bring to life our purpose, to Feed the Human Spirit,” he remarked. “I am proud of our dedicated associates who are serving our customers when they need us most. Our top priority is to provide a safe environment for associates and customers, and as the pandemic continues, we will continue to rise to meet the challenge.”
McMullen concluded, stating that, “Customers are at the center of everything we do and, as a result, we are growing market share. Kroger’s strong digital business is a key contributor to this growth, as the investments made to expand our digital ecosystem are resonating with customers. Our results continue to show that Kroger is a trusted brand and our customers choose to shop with us because they value the product quality and freshness, convenience, and digital offerings that we provide.”
For the entirety of the report, please click here.
As the pandemic continues to change the retail landscape, what other companies will we see pull ahead? Keep reading Deli Market News as we dive in to find the answers to this question and more.