Kroger Reports First Quarter 2020 Results
First Quarter Highlights
– Identical Sales without fuel grew 19 percent
– Digital sales grew 92 percent
– EPS of $1.52; Adjusted EPS of $1.22
– Achieved Operating Profit of $1.3 billion; Adjusted FIFO Operating Profit of $1.5 billion
– Invested more than $830 million to support and safeguard associates, customers and communities, including today’s installment of Thank You Pay for frontline workers
– Contributed an additional $236 million to multi-employer pension plans to help stabilize future associate benefits
The Kroger Co. reported its first quarter 2020 results, provided a Restock Kroger progress update on the three-year transformation plan and an update to the COVID-19 response.
“The COVID-19 pandemic and the most recent instances of racial injustice have changed our country in unmistakable ways, not the least of which is the devastating loss of life and livelihood that has affected so many Americans,” said Chairman and CEO Rodney McMullen. “Kroger remains guided by our purpose and our values. I am proud of our associates who stepped up when we were called to be there for our customers, communities and each other. Our company is proud to stand with our Black associates, customers and communities against racism and for a more just and equitable society.
Under Restock Kroger, we have made significant investments during the last several years to establish a seamless digital ecosystem, strengthen Our Brands and our personalization capabilities and to enhance product freshness and quality. These investments helped Kroger deliver improved results in 2019, a strong start to the quarter and very much came to the forefront as we provided our customers with the fresh food and essentials they have needed during the pandemic.
We are proud of our heroic and dedicated associates who are serving our customers when they need us most. As America enters the next phase of the pandemic, we know that our associates will continue to rise to meet the challenge, delivering Fresh for Everyone and helping our customers, communities and America emerge even stronger.”
For more information on the financial results and the company’s response to COVID-19, visit the company’s official press release.