Kroger reported Q1 2024 earnings on June 20th, with identical store sales turning positive (+0.5%) after 2 quarters of negative results and EPS in-line with expectations, despite some drag on profitability from fuel and Pharmacy disappointing investors.
The company’s laser focus on investing in price and promotions with help from national brands seems to be successfully leading to modest market share recovery across income groups. We continue to believe easing inflation, lapping 2023 headwinds, and momentum with digital and media, in addition to the strength in at-home eating occasions should all bode well for the company in 2024.
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