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Daily QuickWit (9/10) – Kroger 2nd Quarter Earnings & Top Retail News of the Day

Kroger released their second quarter results, showing 14% growth on a two year stack and 114% digital growth. Pretty solid quarter from Kroger!

Second Quarter Highlights:

    • Identical Sales without fuel decreased 0.6%; two-year stack increased 14.0%
    • Digital Sales two-year stack grew 114%
    • EPS of $0.61; Adjusted EPS of $0.80
    • Operating Profit of $839 million; Adjusted FIFO Operating Profit of $947 million
    • Alternative profit business continued strong growth tracking toward high end of annual expectations

But this wasn’t the only news this week from Kroger, as they unveiled their new logo. They are calling this the Fresh Cart, and calls it a nod to their focus and commitment to fresh items in their stores. This logo will be incorporated across all of Kroger’s banners and divisions.

Adding a shopping cart as your icon, what a great idea! I wish we would have thought of that…

In other big news, Amazon announced that they will pay full college tuition for its front line employees. This is an incredible piece of news coming from Amazon, and a very generous offer to its 750,000 employees that this impacts. We’d love to see if other big companies follow suit. Well done Amazon!

And finally, vaccines are the headline everywhere as President Biden will be mandating that any employer that has over 100 employees will be required to vaccinate their entire workforce or have weekly testing implemented. Lots of spin coming out of this announcement, and we expect a lot of backlash as well as adherence. As the Delta variant becomes more widespread, there is a definite concern as to what these next couple of months are going to look like.

Happy Friday and have a great weekend all!


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