The Kroger Co. (NYSE: KR) shares began the day sharply higher on reporting its second-quarter 2024 results, reaffirmed guidance and updated investors on how Leading with Fresh and Accelerating with Digital continues to position Kroger for long-term sustainable growth.
Identical Sales without fuel increased 1.2%; Operating Profit of $815 million; EPS of $0.64; Adjusted FIFO Operating Profit of $984 million and Adjusted EPS of $0.93
Said CEO Rodney McMullen, “Kroger achieved solid results in the second quarter demonstrating the strength and resiliency of our model. We are growing households and increasing customer visits by offering a compelling combination of affordable prices and personalized promotions on great quality products, all through a unique seamless experience. We appreciate our associates for their focus on full, fresh and friendly, which elevates the customer experience.”
McMullen continued, “Our long-term model is to consistently invest to lower prices so more customers shop with us, which in turn fuels our alternative profit businesses and drives greater efficiencies This flywheel enables Kroger to deliver exceptional value for customers and investing in our associates, and by doing so, we are well-positioned to generate attractive and sustainable returns for shareholders.”
Today’s news release also said Kroger expects to continue to generate strong free cash flow and remains committed to investing in the business to drive long-term sustainable net earnings growth, as well as maintaining its current investment grade debt rating.
KR shares soared $1.48, or 2.9%, to $53.00
