CINCINNATI, OH – The Kroger Co. today released its fourth quarter and full year 2017 results, reporting net earnings of $0.96 per diluted share and identical supermarket sales of 1.5 percent in the fourth quarter of 2017, as well as fiscal 2017 net earnings of $2.09 per diluted share and identical supermarket sales growth of 0.7 percent.
In 2017, the retailer also saw success with the launch of Restock Kroger, grew digital sales by more than 90 percent, gained market share for the thirteenth consecutive year, and created 10,000 new supermarket jobs across the country. And with such forward momentum, Kroger revealed it plans to keep the ball rolling into 2018.
"We launched Restock Kroger in the fall of 2017 and finished the year with positive momentum in our sales and overall business. Customers are letting us know that they see, feel, and appreciate our efforts to redefine the customer experience—and they are rewarding us with growing loyalty. This is the cycle that creates long-term value for shareholders,” said Chairman and CEO Rodney McMullen in a recent press release. "As we embark on our first full year of Restock Kroger, we are encouraged at the start of 2018 and confident in our ability to deliver on both our plan for the year and our long-term vision to serve America through food inspiration and uplift."
Fourth Quarter 2017 results included these findings:
- Net earnings for the fourth quarter totaled $854 million, or $0.96 per diluted share
- Adjusted net earnings for the fourth quarter totaled $562 million, or $0.63 per diluted share
- Net earnings in the same period last year were $506 million, or $0.53 per diluted share
- Total sales increased 12.4% to $31.0 billion in the fourth quarter compared to $27.6 billion for the same period last year; total sales, excluding fuel and the 53rdweek, increased 2.7% in the fourth quarter over the same period last year
Fiscal 2017 results included are as follows:
- Net earnings for 2017 totaled $1.9 billion, or $2.09 per diluted share
- Adjusted net earnings totaled $1.9 billion, or $2.04 per diluted share;net earnings in 2016 were $2.0 billion, or $2.05 per diluted share; excluding the 2016 restructuring of certain multi-employer pension obligations, adjusted net earnings in 2016 were $2.0 billion, or $2.12 per diluted share
- Total sales increased 6.4% to $122.7 billion in 2017 compared to $115.3 billion in 2016; excluding fuel, the 53rdweek and the Modern Health merger, total sales increased 2.2% in 2017 compared to 2016
Fourth Quarter 2017 Restock Kroger highlights included the following:
- Achieved $16.7 billion in annual natural and organic sales, including $2 billion in Simple Truth® sales
- Opened the Kroger Culinary Innovation Centerin downtown Cincinnati
- Hosted second Natural Foods Innovation Summit to expand natural and local supplier offerings
- Expanded Fair Trade Certified™ offerings
- Announced definitive agreement for sale of convenience store business unit to EG Group for $2.15 billion
- Announced plans to expand Scan, Bag, Go to 400 stores
- Added new waste-to-energy system at manufacturing plant in Greensburg, Indiana
- Partnered with ReFED for Zero Hunger | Zero Waste $10 million innovation fund.
- Joined the Sustainable Packaging Coalition
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