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Kroger Reports 30.5 Billion Dollar Sales Bump in Second Quarter

Kroger Reports 30.5 Billion Dollar Sales Bump in Second Quarter

Monday, September 14th, 2020

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.

Rodney McMullen, Chairman and Chief Executive Officer, Kroger“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:

  • Total company sales were $30.5 billion in the second quarter
  • Identical Sales without fuel grew 14.6 percent
  • Digital sales grew 127 percent
  • EPS of $1.03; Adjusted EPS of $0.73, up 66 percent compared to prior year
  • Operating Profit of $820 million; Adjusted FIFO Operating Profit of $894 million, up 43 percent compared to prior year
  • Strong alternative profit business growth
  • Continued investments to support and safeguard associates, customers, and communities

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.”

Kroger reported a whopping $30.5 billion in sales in its second quarter—a jump from $28.2 billion from the same period last year

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.