Kroger’s Second Quarter is Sensational
The nation’s largest traditional grocer continues to benefit from the eat-at-home mentality caused by the pandemic. Cincinnati-based The Kroger Co. reported Friday that its same-store sales grew 14.6% in the fiscal second quarter when compared to the second quarter in 2019, and that e-commerce sales soared 127% in the second quarter when compared to last year.
Kroger said operating profit for the three months ending on Aug. 15 was $820 million, up 43%% from last year. Revenues rose 8.3% to $30.5 billion.
Kroger’s numbers blew past analysts’ expectations.
“Customers are at the center of everything we do and, as a result, we are growing market share,” Kroger Chairman and CEO Rodney McMullen said. “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.”
Kroger Chief Financial Officer Gary Millerchip said the grocer is updating its full-year 2020 guidance as a result of its strong first-half performance.
“For the full year 2020, we expect total identical sales without fuel to exceed 13% and we expect to achieve adjusted earnings per share growth of approximately 45% to 50%.”
Kroger operates 2,769 retail food stores under a variety of banners.