KR Kroger Co

What the last report said

Thu, Jun 18, 2026

Kroger Q1 missed consensus on both EPS ($1.58 vs. $1.6397, -3.6%) and Revenue ($46.12B vs. $46.84B, -1.5%); Identical Sales ex-fuel grew only +1.0%, sharply decelerating from +3.2% YoY

• Identical Sales ex-fuel +1.0% YoY, down sharply from +3.2%, driven by cautious consumer spending amid inflation and a 130 bps headwind from the Inflation Reduction Act
• Gross margin declined 30 bps YoY to 22.7%, primarily due to higher fuel sales mix (low-margin), increased transportation costs, egg deflation, and planned price investments — partially offset by favorable pharmacy mix, improved eCommerce profitability, and sourcing benefits
• OG&A rate increased 16 bps YoY, mainly from planned wage and labor hour investments to enhance customer experience — partially offset by lapping higher multi-employer pension contributions and ongoing productivity initiatives
• Adjusted eCommerce sales grew +19% YoY; Kroger Precision Marketing profit grew >20%, confirming traction in alternative profit businesses

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