Exhibit 99.1

 

 

Kroger Delivers Key Year-One Restock Kroger Commitments

 

Achieved 2018 FIFO operating profit and free cash flow goals,
Grew digital sales 58%, Achieved over $1 billion in cost savings,
Media & Kroger Personal Finance beat alternative profit stream goals,

Announced several transformative Partnerships to Create Customer Value

 

CINCINNATI, March 7, 2019

— The Kroger Co. (NYSE: KR) today reported fourth quarter and fiscal 2018 results and provided a Restock Kroger progress update after its first full year executing the company’s three-year transformation plan.

 

Comments from Chairman and CEO Rodney McMullen

 

“Kroger solidly delivered on what we set out to do in 2018, which was an investment year that laid the groundwork for us to achieve our 2020 Restock Kroger targets including financials. We reached our FIFO operating profit goal and finished the year with sales and business momentum. We have a clear path to achieve $400 million in incremental FIFO operating profit growth and $6.5 billion in cumulative Restock cash flow by the end of 2020.

 

“As America’s grocer, Kroger has the winning combination of local presence plus a digital ecosystem enhanced by strategic partnerships enabling us to offer our customers anything, anytime, anywhere. We are transforming from grocer to growth company by deploying our assets to serve even more customers and create margin-rich alternative profit streams. We are well positioned to deliver on our Restock Kroger vision to serve America through food inspiration and uplift.”

 

Key 2018 Restock Kroger Results

 

·                  Identical sales without fuel at 1.8%, improved over last year

·                  EPS of $3.76; Adjusted EPS of $2.11 near the high end of 2018 guidance

·                  Achieved FIFO operating profit and free cash flow goals

·                  Achieved over $1 billion in cost savings through process improvements

·                  Grew digital sales 58%, expanded Pickup or Delivery to reach 91% of Kroger households

·                  Our Brands achieved its best year ever, reaching record 30.5% unit share in Q4

·                  Announced Partnerships to Create Customer Value including Home Chef, Microsoft, Nuro, Ocado, and Walgreens

·                  Alternative profit streams Media and Kroger Personal Finance beat ambitious operating profit goals

·                  Raised dividend for 12th consecutive year, increased by 12%

·                  Invested in wages and launched Feed Your Future education program for associates

 

1


The following information was filed by Kroger Co (KR) on Thursday, March 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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