Kroger (NYSE:KR) is based in Cincinnati, operating as a top food and drug retailer across the United States. The company has delivered strong revenues on the back of this strategy. However, recent reports suggest that Kroger is about to undergo a significant change that could see the company turn its back on the drug retail component. Shares of Kroger have jumped 17% month-over-month as of close on Monday, March 18, 2024. The stock is now up 21% so far in 2024.
This company released its fourth quarter (Q4) and full year fiscal 2023 earnings on March 7, 2024. In Q4 2023, Kroger delivered an operating profit of $1.19 billion and earnings per share of $1.01. Moreover, Kroger managed to deliver digital sales growth of 10% in the final quarter of fiscal 2023.
Meanwhile, for the full year, Kroger reported an operating profit of $3.1 billion and EPS of $2.96. It reported an adjusted operating profit of $5.0 billion and adjusted EPS of $4.76. Kroger made a statement and boosted its associate wages to $19 per hour and a rate that comes close to $25 per hour with comprehensive benefits factored in. That represents a 33% increase over the past five years.
https://www.marketwatch.com/story/kroger-to-sell-its-specialty-pharmacy-business-18992ba7?mod=mw_latestnews
