Kroger beats the Street in Q2 despite identical, digital sales declines
Omnichannel game plan ‘continues to build momentum across our businesses,’ CEO Rodney McMullen says
Russell Redman, Supermarket News
Sep 10, 2021
Lapping last year’s pandemic-driven gains, The Kroger Co. saw sales excluding fuel dip in its fiscal 2021 second quarter but topped Wall Street’s earnings-per-share forecast.
For the quarter ended Aug. 14, sales totaled $31.68 billion, up 3.9% from $30.49 billion a year earlier, when Cincinnati-based Kroger said Friday. Excluding gasoline, which has seen higher pricing in recent months, sales declined 0.4% year over year. Sales in the fiscal 2020 quarter rose 8.2% overall and were up 13.9% without fuel, which had deflated pricing at the time.
First-half 2021 sales came in at $72.98 billion, up 1.3% from $72.04 billion in the prior-year period.
Identical sales excluding fuel in the 2021 second quarter fell 0.6% from a year ago, when Kroger notched a 14.6% gain. However, the company noted that identical sales sans fuel were up 14% on a two-year stack.
Digital sales declined 13%...