Kroger said key elements in its Restock strategy helped it drive financial results and win market share in the third quarter.
Company net earnings in the quarter were $631 million, or 80 cents per diluted share, versus $263 million, or 32 cents per diluted share, in the year-earlier period.
Adjusted for one-time events, Kroger noted, company earnings were $557 million, or 71 cents per diluted share, versus $381 million, or 47 cents per diluted share, in the quarter a year prior. The company’s adjusted diluted earnings per share topped a MarketBeat-published analyst consensus estimate of 67 cents.
Identical store sales increased 10.9% year over year in the quarter. Digital sales gained 108%. Net sales were $29.72 billion versus $27.97 billion in the quarter a year before.
Operating profit was $792 million versus $254 million in the year-previous period.
Rodney McMullen, Kroger chairman and CEO, said, “We delivered strong results in the third quarter. Customers are at the center of everything we do and sales remain elevated as we continue to enhance our competitive moats Fresh, Our Brands, Data & Personalization and Seamless. We are executing against our strategy even during the pandemic and continue to grow market share. The strong underlying momentum in our core supermarket business and acceleration in the growth of our alternative profit business demonstrates we are successfully transforming our business model to deliver consistently strong and attractive total shareholder return in 2020 and beyond.”