US supermarket chain Kroger has reported net earnings attributable to the company of $2.16bn for the fiscal year 2023 (FY23), compared to $2.24bn in FY22.
The retailer’s EPS (earnings per share) was $2.96, compared to $3.06 in fiscal 2022.
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Kroger posted total sales of $150bn in 2023, including an additional $2.7bn from its 53rd week, compared with $148.3bn in FY22.
However, its operating profit experienced a significant drop to $3.1bn from $4.1bn in 2022.
The retailer’s gross margin stood at 22.2% of sales for 2023.
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Kroger chairman and CEO Rodney McMullen said: “Kroger achieved strong 2023 results, in line with our long-term growth model and built upon three consecutive years of historic growth.
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By GlobalData“As customers manage macroeconomic pressures, we are lowering prices and offering even more ways to save with personalised promotions and rewards.
“Our unique seamless shopping experience provides customers the products they want, when and how they want them, with zero compromise on quality, convenience and selection.”
In the fourth quarter (Q4) of fiscal 2023, Kroger’s net earnings were $736m compared with $450m in the same quarter of the previous year.
The EPS for the quarter also increased to $1.01 from $0.62 in Q4 FY22.
Kroger delivered $37.1bn in sales for Q4 FY23 against $34.8bn in the same quarter of the previous year.
The retailer’s operating profit for the fourth quarter was $1.19bn, an increase from $826m in Q4 FY22.
The gross margin for the quarter was 22.7% of sales.
As of 3 February 2023, Kroger’s net total debt was $10.57bn.
Looking ahead to the full year 2024, Kroger anticipates identical sales without fuel to be between 0.25% and 1.75%, with adjusted net EPS between $4.30 and $4.50.
In December 2023, Kroger partnered with autonomous B2B logistics Gatik to introduce autonomous trucks for its delivery operations in Texas, US.
