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The Kroger Companies Posts Q2 Results with Higher Sales but Lower Earnings

09/14/2021

On September 10th the Kroger Companies (KR) posted results for the second quarter of fiscal 2021 ending August 14th.  For the period, sales increased 3.9 percent over the second quarter of fiscal 2020 to attain $31.682 billion.  Net earnings declined by 43 percent to $467 million with a corresponding 40.4 percent reduction in EPS to $0.62. For the period, identical store sales decreased by 0.6 percent but on a two-year stacked basis were 14.0 percent higher. For full FY 2021 The Company provided guidance including an adjusted identical-store sales loss of 1.0 to 1.5 percent and an operating profit of $3.9 to $4.0 billion.

 

In commenting on the quarter, Rodney McMullen, Chairman and CEO stated, “Our strategic focus on leading with fresh and accelerating with digital continues to build momentum across our business. The Kroger seamless ecosystem is working.  This was evident during the quarter as we saw customers shift between channels and we continue to see strong digital engagement.” 

 

Kroger Companies posted total assets of $48.46 billion and carries long-term debt, lease and other obligation of $21.58 billion.  The Kroger Company has a market capitalization of $31.89 billion.  Over the past 52-weeks share price ranged from $30.35 to $47.99 with a 50-day moving average of $43.82.  On a 12-month trailing basis, operating margin was 2.0 percent and profit margin 1.1 percent.  The company attained a 3.5 percent return on assets and 16.4 percent on equity.  The company closed at $46.14 on Thursday September 9th prior to the Q2 release but fell sharply to close at $42.65 on Friday September 10th down 7.5 percent.