Kroger Reports Second Quarter 2020 Results and Updates Full-Year 2020 Guidance

Second Quarter Highlights
– 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

The Kroger Co. reported its second quarter 2020 results, provided a Restock Kroger progress update on the three-year transformation plan and shared a Covid-19 response update.

“Each day I’m inspired by the work our incredible associates do to bring to life our purpose, to Feed the Human Spirit,” said Rodney McMullen, Chairman and CEO. “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. 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. We delivered extremely strong results in the second quarter and expect to deliver consistently attractive total shareholder returns. 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.”

For full report, visit the company’s official statement.