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Kroger Co.


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Kroger Co.




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The Coronavirus May Forever Change Grocery Shopping

  • The Coronavirus May Forever Change Grocery Shopping The Coronavirus May Forever Change Grocery Shopping 7:42
3:08 a.m. Dec. 30, 2021 - By Tomi Kilgore
Kroger stock rises after new $1 billion stock buyback program authorizedShares of Kroger Co. rose 0.9% in premarket trading Thursday, putting them on track for a fourth-straight gain, after the supermarket operator announced a new $1 billions stock repurchase program. The company said the new program replaces the current program, which had about $157 million remaining. The new program represents roughly 3% of Kroger's market capitalization of about $32.87 billion as of Wednesday's stock closing price. "Kroger's share repurchase authorization reflects our board of directors' confidence in the strength of our free cash flow and our ability to deliver consistently strong and attractive total shareholder returns," said Chief Executive Rodney McMullen. The stock has rallied 40.8% this year, while the S&P 500 advanced 27.6%.
1:24 a.m. Oct. 25, 2021 - By Ciara Linnane
Kroger says Home Chef meal kit and ready-to-eat business has passed $1 billion in annual salesGrocery retailer The Kroger Co. said Monday that Home Chef, which includes ready-to-cook and ready-to-heat meals, has passed $1 billion in annual sales. The company, which was founded in 2013 by Pat Vihtelic, merged with Kroger in 2018. "Whether it's meal kits, or heat-and-eat and ready-to-cook solutions -- which are available via subscription, in-store, pickup, or delivery -- it's safe to say that Home Chef has mealtime covered," Dan De La Rosa, Kroger's group vice president of fresh merchandising said in a statement. Home Chef currently offers more than 500 products including meal kits, heat-and-eat meals, ready-to-eat products and seasonal meals. Kroger shares were slightly higher premarket and have gained 27% in the year to date, while the S&P 500 has gained 21%.
6:52 a.m. Sept. 21, 2021 - By Tonya Garcia
Beyond Meat partners with chickpea-based comfort food brand for nationwide launchBanza, a company that makes chickpea-based comfort food, has partnered with Beyond Meat Inc. for the nationwide launch of the Banza Supreme, a vegetarian pizza made with three dairy-based cheeses and Beyond Sausage Italian Crumbles. Banza is also launching a vegan cheese pizza. The Banza pizzas will be available at Kroger Co. , Thrive Market, FreshDirect, Amazon.com Inc. and other outlets. Beyond Meat stock has fallen 10.3% for the year to date, with shares taking a hit after a Piper Sandler downgrade. The S&P 500 index has gained 16.2% for the period.
2:18 a.m. Sept. 14, 2021 - By Tonya Garcia
Kroger partners with Instacart for nationwide "Kroger Delivery Now" serviceKroger Co. announced Tuesday that it has partnered with Instacart to launch "Kroger Delivery Now," offering groceries and other essentials delivered in 30 minutes. The service offers more than 25,000 items and reaches as many as 50 million homes. "Last year, Kroger achieved more than $10 billion in e-commerce sales, and we're committed to doubling both our digital sales and profitability rate by the end of 2023 and expect Kroger Delivery Now will help us reach that target," said Kroger Chief Executive Rodney McMullen in a statement. Kroger's portfolio of grocery store chains includes the namesake, Ralphs, Fred Meyer and King Soopers. Kroger and Instacart first partnered in 2017. Kroger reported that beat expectations on Friday. Kroger shares have run up 35% for the year to date while the S&P 500 index has gained 19% for the period.
3:21 a.m. Sept. 10, 2021 - By Tonya Garcia
Kroger raises full-year adjusted earnings guidanceKroger Co. reported second-quarter net income totaling $467 million, or 61 cents per share, down from $819 million, or $1.03 per share last year. Adjusted EPS of 80 cents beat the FactSet consensus for 64 cents. Sales of $31.68 billion were up from $30.49 billion last year and also ahead of the FactSet consensus for $30.64 billion. Digital sales more than doubled, up 114%. Identical sales excluding fuel fell 0.6%, ahead of the FactSet consensus for a 3.2% decline. On a two-year stack, identical sales were up 14%. Kroger raised its full-year adjusted EPS guidance to $3.25 to $3.35, up from of $2.95 to $3.10. The FactSet consensus is for EPS of $3.09. Kroger shares fell 1.4% in Friday premarket trading, but have gained 45.3% for the year to date. The S&P 500 index has run up 19.6% for 2021 so far.
9:01 a.m. Sept. 8, 2021 - By Tonya Garcia
Molson Coors takes its partnership with La Colombe coffee nationalMolson Coors Beverage Co. said Wednesday that it has expanded its partnership with La Colombe ready-to-drink coffee to the national level. Starting this year, Molson Coors will distribute La Colombe at chains including Walmart Inc. , Kroger Co. and Target Corp. . Additional large customers will be added in 2022. The distribution relationship between Molson Coors and La Colombe began in January 2021. In the announcement, Molson Coors talks about the premium nature of La Colombe coffee. Last month, Molson Coors, which is best known for beer, said it was eliminating , including Keystone Ice and Olde English HG 8000. Molson Coors also has a distribution partnership with Coca-Cola Co. to distribute Topo Chico Hard Seltzer. Molson Coors stock is up 2% for 2021 while the benchmark S&P 500 index has run up 20% for the period.
3:18 a.m. April 20, 2021 - By Tonya Garcia
Plant-based meat alternative brand Incogmeato launches Chik'n TendersIncogmeato, the plant-based meat alternative brand from Morningstar Farms, is launching Chik'n Tenders this month, the latest addition to the plant-based food market. Available in original and sweet BBQ flavors, the Chik'n Tenders have more protein per serving and 27% less fat than real chicken, according to the announcement. Chik'n Tenders will be available at retailers including Walmart Inc. and Kroger Co. . Other Incogmeato items include burger patties and Italian sausage. Incogmeato and Morningstar Farms are part of the Kellogg Co. portfolio. Kellogg stock is up 2.4% for the year to date while the S&P 500 index has gained 10.8% for the period. Read also:
2:47 a.m. March 31, 2021 - By Tonya Garcia
Kroger plans to grow with digital, private label brands and fresh foodAhead of its investor event on Wednesday, Kroger Co. reiterated its full-year 2021 guidance for an identical sales decline of 3% to 5% and earnings per share of $2.75 to $2.95. The FactSet consensus is for an identical sales decline of 4% and EPS of $2.80. The grocery retailer outlined plans for shareholder return of 8% to 11% and net earnings growth of 3% to 5% through a number of strategies, including fresh food sales increases, accelerating digital, which the company says is now a growth engine, and wider competitive moats, such as continued innovation in its private label Our Brands. COVID-19 drove a surge in online grocery, with competitor Albertsons Cos. Inc. that it has partnered with Google on a number of digital initiatives. Kroger stock has gained 26.4% over the past year while the S&P 500 index is up 53.2% for the period.
3:34 a.m. March 4, 2021 - By Tonya Garcia
Kroger shares rise after earnings beatKroger Co. reported a fourth-quarter net loss of $77.0 million, or 10 cents per share, after net income of $327.0 million, or 40 cents per share, last year. Adjusted EPS of 81 cents was ahead of the FactSet consensus of 69 cents. Sales of $30.74 billion were up from $28.89 billion and also ahead of the FactSet consensus for $30.83 billion. Digital sales more than doubled, up 118%. Identical sales excluding fuel were up 10.6%, also ahead of the FactSet consensus for 10.2% growth. Kroger is guiding for 2021 adjusted EPS of $2.75 to $2.95. The FactSet consensus is for EPS of $2.69. Kroger stock rose 1% in Thursday premarket trading, and was up 7.4% over the past year. The benchmark S&P 500 index is up 22% for the period.
6:28 a.m. March 3, 2021 - By Tonya Garcia
Kroger will continue to require masks in Texas and Mississippi storesKroger Co. said Wednesday that it will continue to require shoppers to wear masks at its stores in Texas and Mississippi. Texas Gov. Greg Abbott that he is lifting the mask mandate, effective March 10, despite calls from scientists and other politicians that people should still wear a face covering to guard against the spread of COVID-19. Coronavirus has killed more than 42,000 Texans. Mississippi Gov. Tate Reeves also lifting the mask mandate on Tuesday. "The Kroger Family of Companies' most urgent priority throughout the COVID-19 pandemic has been to provide a safe environment for our associates and customers while meeting our societal obligation to provide open stores, e-commerce solutions and an efficiently operating supply chain so that our communities have access to fresh food," a Kroger spokesperson said in a statement. Kroger chains include the namesake grocer, Ralphs and King Soopers. "To ensure the continued safety of our customers and associates, The Kroger Family of Companies will continue to require everyone in our stores across the country to wear masks until all our frontline grocery associates can receive the COVID-19 vaccine. We also continue to advocate to federal, state and local officials to prioritize frontline grocery workers for the vaccine rollout plan, and we will offer a $100 one-time payment to associates who receive the recommended doses of the COVID-19 vaccine." Kroger is also encouraging social distancing and its contactless and low-touch transaction options. Kroger joins including Target Corp. and Macy's Inc. that will also continue to mandate masks. Kroger stock has gained 11.3% over the last year while the S&P 500 index is up 28.3% for the period.
8:11 a.m. Feb. 23, 2021 - By Tomi Kilgore
Kroger stock falls after BofA analyst turns bearish, about a week ahead of earnings reportShares of Kroger Co. slumped 1.2% in afternoon trading Tuesday, after BofA Securities analyst Robert Ohmes turned bearish ahead of the grocers earnings report due out next week. Ohmes downgraded Kroger to underperform from neutral, and slashed its stock price target to $28, which is 15.6% below current levels, from $40. He expects Kroger to report fiscal fourth-quarter same-store sales that beat expectations, given strong sales through the end of January, but expects identical sales to "inflect negatively" starting in early March given the peak COVID-19-related stock piling that occurred a year ago. The FactSet consensus for same-store sales, which are scheduled to be reported on March 4, is for 10.2% growth. Ohmes also sees potential for more aggressive promotions this year to pressure margins, as well as margin risks related to fuel sales given strong fuel profitability a year ago. Ohmes is also concerned that stimulus payments and increased vaccinations "could trigger a substantial boost to services spending," including restaurants, that could hurt sales at food retailers this year. Kroger's stock has edged up 0.5% over the past three months, while the SPDR Consumer Staples Select Sector ETF has slipped 2.0% and the S&P 500 has gained 7.4%.
12:12 p.m. Feb. 5, 2021 - By Claudia Assis
Kroger offers $100 to each employee who gets the COVID-19 vaccine Kroger Co. late Friday became the latest retailer to plan on paying workers to get the COVID-19 vaccine. Kroger said it will provide a one-time payment of $100 to all associates who receive a full round of vaccine as recommended by the makers. In addition to the new vaccine payment, the company also said it plans to spend an additional $50 million "to thank and reward" employees, including store credit and points to be used for fueling. Employees who due to medical or religious reasons cannot receive the vaccine will have the option of completing an educational health and safety course to receive the payment, the company said. Kroger shares rose 0.3% in the extended session Friday after ending the regular trading day down 0.9%. Several retailers, including Instacart Inc. and Dollar General Corp. to employees for the vaccine. Kroger was under criticism earlier this week as in response to a local ordinance requiring extra pay for certain grocery employees working during the pandemic.
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