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Kroger Company (KR) has submitted its 10-Q filing for the quarterly period ended November 9, 2024.
The filing reports total sales of $33,634 million for the third quarter of 2024, a decrease of 1.0% from $33,957 million in the same quarter of the previous year. This decrease is attributed to a reduction in supermarket fuel sales and the sale of Kroger Specialty Pharmacy.
Operating profit for the third quarter was $828 million, down from $912 million in the previous year. The decrease is due to increased operating, general, and administrative expenses.
Net earnings attributable to Kroger Co. were $618 million for the quarter, a decrease of 4.3% from $646 million in the previous year. This translates to $0.84 per diluted common share, compared to $0.88 in the previous year.
Kroger reported adjusted net earnings of $719 million for the quarter, representing a 3.0% increase from $698 million in the previous year. This reflects adjusted net earnings per diluted common share of $0.98, up from $0.95.
Cash and temporary cash investments increased significantly to $13,358 million as of November 9, 2024, from $1,883 million at the end of the previous fiscal year, primarily due to the issuance of $10.5 billion in senior notes.
Kroger completed the sale of its Kroger Specialty Pharmacy business to Elevance Health for $464 million, recognizing a gain of $79 million in the third quarter.
The company terminated its proposed merger with Albertsons Companies, Inc. on December 11, 2024, following a court injunction. Consequently, Kroger will redeem certain senior notes issued for the merger.
Kroger's board of directors approved a new $7.5 billion share repurchase program, replacing the previous $1.0 billion program.
The filing also details Kroger's financial strategies, including maintaining investment-grade debt ratings and focusing on long-term sustainable growth through strategic investments and share repurchases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Kroger Company quarterly 10-Q report dated December 13, 2024. To report an error, please email earnings@qz.com.