Kroger Produces Sales Growth In Q2

In the second quarter, Kroger returned to positive identical store sales growth.

Identical store sales growth, without the effect of fuel price volatility, was up 0.7% versus the year-earlier second quarter, Kroger maintained. Total sales advanced 3.9% to $27.6 billion in the period year over year. Operating profit was $678 million versus $665 million in the year-previous quarter.

The company recorded net earnings of $353 million in the quarter, or 39 cents per diluted share, versus $383 million, or 40 cents per diluted share, last year. With charges related to a 2016 discrete item excluded, Kroger asserted that its adjusted net earnings for last year’s second quarter were $454 million, or 47 cents per diluted share.

“Through innovation, Kroger is redefining the food and grocery customer experience based on our core strengths,” said Rodney McMullen, Kroger chairman and CEO. “Our second quarter results demonstrate the progress we’ve made. We returned to positive identical supermarket sales growth in the second quarter. We had strong growth in both loyal and total households. Traffic is up, unit movement is up, market share is up, and our customers’ price perception is excellent and continues to improve.”