The Kroger Co. (NYSE: KR), based in Cincinnati, Ohio, is one of the world's largest food retailers, with revenues of $137.9 billion in the fiscal year 2021.

Table of Content

First Quarter Highlights First Quarter YoY Financial Comparison First Quarter 2022 Highlights
 

First Quarter Highlights

  • Without fuel, identical sales grew by 4%
  • The operating profit of the quarter is $1505 million and the adjusted FIFO Operating Profit is $1601 million
  • EPS for the quarter is $0.90 and EPS after adjustments is $1.45
  • When fuel is excluded, the FIFO gross margin rate fell 26 basis points from the same time previous year

Source: Kroger Reports First Quarter 2022 Results and Raises Full-Year Guidance

 

First Quarter YoY Financial Comparison

  • Total company sales were $44.6 billion in the first quarter of 2022, compared to $41.3 billion for the same period last year
  • The expense ratio went down from approximately 98.1% in the first quarter of 2021 to 96.6% in the same period this year
  • Operating Profit Ratio increased from 1.9% in Q1 2021 to 3.4% for the same period this year
  • Net Earnings (Attributable to Kroger Co. Ratio) significantly increased from 0.3% in Q1 2021 to 1.50% for the same period this year

Source:  Kroger Reports First Quarter 2022 Results and Raises Full-Year Guidance

 

First Quarter 2022 Highlights

Leading with Fresh

  • Kroger had the two best single-day flower sales in its history, fuelled by Valentine's Day and Mother's Day, and cemented the company's position as the country's largest floral retailer
  • With 355 additional locations accredited as part of the accelerated end-to-end fresh produce effort, fresh sales increased throughout the quarter
  • 239 new seasonal products from Our Brands were released, featuring fresh things to boost summer cuisine
  • Unveiled a study conducted in collaboration with the University of Cincinnati and Kroger Health to better understand how Kroger's Food as Medicine platform and dieticians can help consumers achieve their goals of incorporating more fresh foods and living healthier lives by leveraging OptUP shopping tool, technology, and health education

Accelerating with Digital

  • Inaugurated two additional Kroger Delivery locations in Pleasant Prairie, Wisconsin, and Dallas, Texas, powered by Ocado, allowing Kroger to provide fresh and economical products to more households directly
  • Launched three new spoke facilities that act as last-mile cross-dock sites to expand the Kroger Delivery network. These facilities are located in Miami, a new geography, as well as Louisville and Columbus, two regions that are already served by the service
  • By collaborating with Bed Bath & Beyond Inc. to sell thousands of new items on Kroger's Ship Marketplace, Bed Bath & Beyond Inc. launched a national e-commerce platform that expands Kroger's Home and Baby product offerings

Associate Experience

  • Conducted national hybrid hiring event with openings in corporate, pharmaceutical, supply chain, manufacturing, retail, e-commerce, and healthcare jobs
  • Deployed Microsoft Teams Rooms feature in supermarkets to enhance colleagues' ability to collaborate and get training

Live Our Purpose

  • Supplied a record-breaking 546 million meals to people nationwide in one year and directed $210 million out of the $350 million in yearly philanthropic donations to alleviate hunger in local communities while accomplishing 79 percent waste diversion from landfills across the company
  • By assisting the "Test to Treat" effort at The Little Clinic sites for patients showing COVID-19 symptoms, Kroger was able to lower obstacles to COVID-19 treatments available nationally
  • A new partnership between Kroger and the USO was established in order to provide mobile food programming and support local military communities

Source: Kroger Reports First Quarter 2022 Results and Raises Full-Year Guidance

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