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CINCINNATI — Kroger Co. reported flat sales for the fourth quarter and fiscal year ended February 3, but profits beat expectations. The retailer reported a $736 million profit on sales of $37.1 billion for the three-month period.
Kroger noted that identical sales (excluding fuel) decreased 0.8% in the quarter, while underlying identical sales without fuel increased 0.1%. The company’s fourth quarter results also included an operating profit of $1.19 billion; EPS of $1.01; an adjusted FIFO operating profit of $1.31 billion and adjusted EPS of $1.34, which include a benefit of $187 million and 20 cents, respectively, from the 53rd week in the 2023 fiscal year. Kroger said it also executed its go-to-market strategy to deliver value for customers. The company grew digital sales by more than 10%, excluding the 53rd week, and increased loyal households and customer visits.
“Kroger achieved strong 2023 results, in line with our long-term growth model and built upon three consecutive years of historic growth,” company chairman and chief executive officer Rodney McMullen said in a statement. “As customers manage macroeconomic pressures, we are lowering prices and offering even more ways to save with personalized promotions and rewards. Our unique seamless shopping experience provides customers the products they want, when and how they want them, with zero compromise on quality, convenience and selection. We are increasing customer visits and growing loyal households through the strength of our retail business, which positions Kroger for more ways to drive sustainable future growth. We expect to continue our momentum in 2024 by delivering value for customers, investing in associates, and generating attractive and sustainable shareholder returns.”
For the full year, Kroger said total company sales were $150 billion.
