Kroger yesterday said that its Q3 total sales were down slightly, to $34 billion from $34.2 billion during the same period a year ago. Same store sales were down .6 percent, while digital sales were up 11 percent in the third quarter.
The retailer’s operating profit was $912 million for the quarter, up from $841 million during the same period a year ago.
On the earnings call, CEO Rodney McMullen noted that the company has certified to the Federal Trade Commission (FTC) that it is in “substantial compliance” with its requirements for its planned $24.6 billion acquisition of Albertsons, and that it continues to work “cooperatively” with the FTC toward a deal closure in early 2024.
KC’s View:
“Substantial compliance” may be in the eyes of the beholder.
I continue to believe that it is no better than 50/50 that the FTC will approve this merger, and that it is more likely than not that this battle will be fought in the courts, where I hope we’ll get a nuanced discussion about the definition of antitrust in the mid-21st century.
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