In this file:
· Kroger downgraded at Bank of America as competition with Walmart and Target heats up
· Kroger Reports 30.5 Billion Dollar Sales Bump in Second Quarter
· Kroger’s Dallas division associates reach agreement with UFCW Local 1000
Kroger downgraded at Bank of America as competition with Walmart and Target heats up
By Tonya Garcia, MarketWatch
Sept. 15, 2020
Kroger Co. was downgraded to neutral from buy at Bank of America with analysts citing intensifying competition with other mass grocers.
Bank of America moved its price objective to $40 from $42.
Grocers have seen sales soar during the coronavirus pandemic as more customers, who are working, schooling and spending more time at home, make more of their own meals.
Big-box chains like Walmart Inc. and Target Corp. have also used the increased attention from consumers to focus on services and customer service offerings that appeal to shoppers who want to stock their pantries while also social distancing.
Walmart, for instance, announced the coming launch of Walmart+, its membership program that will offer unlimited delivery. And Target, which was already using its stores as fulfillment centers, talked up the customer response to its pickup service and other options.
Kroger has invested heavily in its digital offerings, for instance...
Kroger Reports 30.5 Billion Dollar Sales Bump in Second Quarter
The grocery giant plays 30.5B to its favor by teasing future investments and an operational edge
by Anne Allen, Deli Market News
September 14th, 2020
CINCINNATI, OH | As companies across the industry have battened down the hatches and hunkered down for the storm that has followed the COVID-19 pandemic, Kroger has stood firm in its footing and come out ahead. In its latest second quarter report, the grocer has seen $30.5 billion in sales. This comes as a sizable increase from its $28.2 billion reported last year’s second quarter earnings.
“We delivered extremely strong results in the second quarter and expect to deliver consistently attractive total shareholder returns,” stated CEO and Chairman Rodney McMullen. “We are more certain than ever that the strategic choices and investments made through Restock Kroger to execute against our competitive moats—Fresh, Our Brands, Personalization, and Seamless—have positioned Kroger to meet the moment, especially as customers are rediscovering their passion for food at home.”
Highlights from the second quarter include:
Kroger’s Dallas division associates reach agreement with UFCW Local 1000
Supermarket chain The Kroger Co (Koger)'s Dallas division associates have reached a new labour agreement with the United Food and Commercial Workers Union (UFCW) Local 1000.
Retail Insight Network
15 September 2020
Supermarket chain The Kroger Co (Koger)’s Dallas division associates have reached a new labour agreement with the United Food and Commercial Workers Union (UFCW) Local 1000.
Kroger operates 109 retail food stores in the Dallas Division and the associates that supported the agreement are working at 98 stores in the division.
The contract covers more than 11,000 associates.
Kroger chief people officer senior vice-president Tim Massa said: “Across the Kroger family of companies, we are proud that by the end of 2020 we will have increased our associate wage investments by approximately $800m—$300m more than we had originally planned as part of our Restock Kroger initiative.
“Kroger in Dallas is one of the numerous markets across the country that is rewarding and recognising associates for their hard work with wage increases.”
As part of the improved agreement, pay for all associates are increased and Kroger health benefits have been enhanced including lesser associate contributions and deductibles, bonuses and retroactive pay.
Kroger Dallas division president Adam Wampler said: