KROGER Reports Earnings Results for FY2024 Q3, Ending October 31 2023

🌥️Earnings Overview

Kroger ($NYSE:KR) announced its financial results for the third quarter of fiscal year 2024, which spanned from July 1 to October 31 2023, on November 30 2023. The company’s total revenue for the quarter was USD 33957.0 million, a decrease of 0.7% from the same quarter in the prior year. Despite this, net income for the quarter grew by 62.3%, totaling USD 646.0 million.

Share Price

On Thursday, KROGER reported its earnings results for the third quarter of fiscal 2024, ending October 31 2023. Looking ahead, Kroger expects to continue to increase its sales and margins, and to remain profitable in the coming quarters. Live Quote…

About the Company

Income Snapshot

Below shows the total revenue, net income and net margin for Kroger. KROGER_Reports_Earnings_Results_for_FY2024_Q3_Ending_October_31_2023″>More…

Cash Flow Snapshot

Below shows the cash from operations, investing and financing for Kroger. KROGER_Reports_Earnings_Results_for_FY2024_Q3_Ending_October_31_2023″>More…

Balance Sheet Snapshot

Below shows the total assets, liabilities and book value per share for Kroger. KROGER_Reports_Earnings_Results_for_FY2024_Q3_Ending_October_31_2023″>More…

Key Ratios Snapshot

Some of the financial key ratios for Kroger are shown below. KROGER_Reports_Earnings_Results_for_FY2024_Q3_Ending_October_31_2023″>More…

Analysis

At GoodWhale, we have conducted an analysis of Kroger’s fundamentals and have come up with the following insights. According to our Star Chart, Kroger is strong in assets, medium in profitability and weak in growth and dividends. Based on these ratings, we classify Kroger as an ‘elephant’ company, meaning that it has substantial assets after liabilities are deducted. As such, Kroger is likely to attract investors who are looking for companies that are capable of providing a steady income stream. Furthermore, Kroger has excellent financial health, with a score of 8/10, indicating that the company is in an excellent position to survive turbulent economic conditions without the risk of bankruptcy. KROGER_Reports_Earnings_Results_for_FY2024_Q3_Ending_October_31_2023″>More…

Peers

The Kroger Co is the largest supermarket chain in the United States. It operates 2,800 supermarkets and multi-department stores in 35 states and the District of Columbia under two dozen local banner names including Kroger, City Market, Dillons, Food 4 Less, Fred Meyer, Harris Teeter, Jay C, King Soopers, QFC, Ralphs and Smith’s. Albertsons Companies Inc is the 2nd largest supermarket chain in the United States with 2,200 stores across 34 states and the District of Columbia. Sprouts Farmers Market Inc is the 3rd largest U.S. supermarket chain with 340 stores across 22 states. Grocery Outlet Holding Corp is the 4th largest U.S. supermarket chain with nearly 300 stores across 23 states.

– Albertsons Companies Inc ($NYSE:ACI)

Albertsons Companies Inc is a grocery store chain in the United States. It is the second-largest grocery store chain in the country after Walmart. The company has a market cap of 14.26B as of 2022 and a Return on Equity of 45.75%. Albertsons was founded in 1939 in Boise, Idaho. The company operates stores under the Albertsons, Safeway, Vons, Pavilions, Randalls, Tom Thumb, and Carrs banners. The company also has a pharmacy chain, under the Albertsons Pharmacy banner.

– Sprouts Farmers Market Inc ($NASDAQ:SFM)

Sprouts Farmers Market Inc is a grocery store chain based in the United States. The company offers a variety of fresh and organic produce, meats, and other groceries. As of 2022, Sprouts Farmers Market Inc has a market cap of 3B and a Return on Equity of 21.14%. The company has been growing steadily in recent years, and its strong financial performance is expected to continue in the future.

– Grocery Outlet Holding Corp ($NASDAQ:GO)

Grocery Outlet Holding Corp is a publicly traded company that owns and operates a chain of discount grocery stores. The company was founded in 1946 and is headquartered in Emeryville, California. As of 2022, the company had a market cap of 3.22 billion and a return on equity of 6.43%. The company’s stores offer a wide variety of food and household products at discount prices.

Summary

KROGER had a mixed third quarter in fiscal year 2024, with total revenue declining 0.7% year-over-year, while net income increased 62.3%. This suggests the company’s cost-cutting measures have been effective in mitigating the impact of lower revenue. Investors will be pleased by the sharp increase in net income, and may be encouraged to invest in the company’s stock. Going forward, KROGER will need to focus on creating new revenue streams and continue to lower costs in order to sustain profitability in the future.