Kroger said that its Q4 total sales, excluding fuel, declined 0.5 percent to $37.1 billion, from $34.8 billion during the same period a year ago. Same-store sales for the period were down 0.8 percent.
However, operating profit grew to $1.19 billion from $826 million in the prior-year period, while Kroger digital sales grew more than 10 percent.
For the just completed fiscal year, total sales excluding fuel grew to $150.0 billion, up 1.1 percent from $148.3 billion in the pervious year. Same-store sales were up 0.9 percent.
Operating profit decreased to about $3.09 billion from $4.12 billion the prior year, while annual digital sales grew to $12 billion.
The Wall Street Journal writes in its analysis that “Kroger expects shoppers’ attitudes to improve after a stretch of rising food prices and pessimism about the U.S. economy.” CEO Rodney McMullen said that “said the company is drawing economically pressured consumers to its private-label brands, while higher-income shoppers are buying more wine and other items at Kroger’s stores, rather than at more premium supermarkets.”
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