📊 Strong Kroger results in Q2 of fiscal year 2024! 🛒
Kroger $KR+1.0%, one of the largest U.S. retail chains, reported results for the second quarter of fiscal year 2024 last week Thursday .
The company reported an impressive net income of $466 milliona significant turnaround from last year's net loss $180 million for the same period. 📈
Earnings per diluted share reached $0.64, a jump from the net loss -0.25 USD from last year. Total revenue was USD 33.91 billion, a slight increase from USD 33.85 billion in the second quarter of the previous year.
🚀 Kroger reports 11% growth in digital sales, with delivery revenue up by 17 % and e-commerce sales up 14 %. Digitalisation and innovation in e-commerce are therefore bearing fruit, showing that the company is successfully adapting to changing consumer preferences.📦
Another major milestone is the return to operating profit. While in the second quarter of the year 2023 Kroger reported an operating loss of $479 million, this year, it achieved an operating profit $815 million this year. This turnaround shows the company's improved efficiency and cost management. 💼
💡 Kroger relies on a combination of affordable prices, personalized offers and quality products to attract more and more customers. Rodney McMullen, Chairman and CEO, points out that the expanding number of households and the increase in customer visits is a result of the efforts of their employees who are focused on providing friendly service 🙌.
With a gross margin of 22,6 % on sales in the quarter and with an innovative approach to change in retail, Kroger remains a player that not only has the strength to withstand challenges but also to grow in a challenging market environment. 📊
Krogerhas not only exceeded expectations, but has also shown that it can leverage its strengths to continue to grow. This year, the company's stock has risen by more than 20 %!
What do you think of the company?
I don't have this stock in my portfolio, but I think Kroger is a fine company and great for portfolio diversification.
Kroger is a good company. I used to trade it, but we never invested in it.