KR » Topics » R ESULTS OF O PERATIONS

This excerpt taken from the KR DEF 14A filed May 15, 2009.

RESULTS OF OPERATIONS

     The following discussion summarizes our operating results for 2008 compared to 2007 and for 2007 compared to 2006. Comparability is affected by certain income and expense items that fluctuated significantly between and among the periods.

   Net Earnings

     Net earnings totaled $1.2 billion for 2008, compared to net earnings totaling $1.2 billion in 2007 and $1.1 billion in 2006. The increase in our net earnings for 2008, compared to 2007 and 2006, resulted from strong non-fuel identical supermarket sales growth and strong fuel results. In addition, 2006 net earnings included a 53rd week.

     Earnings per diluted share totaled $1.90 or $1.92, excluding the effect of a $.02 per diluted share charge for damage and disruption caused by Hurricane Ike, in 2008, compared to $1.69 per diluted share in 2007 and $1.54 per diluted share in 2006. Earnings per diluted share increased 13.6% in 2008, excluding the effect of a $.02 per diluted share charge for damage and disruption caused by Hurricane Ike, compared to 2007. Earnings per diluted share increased 15% in 2007, compared to 2006, after adjusting for the extra week in fiscal 2006. Net earnings in 2006 benefited from a 53rd week by an estimated $.07 per share. Our earnings per share growth in 2008, 2007 and 2006 resulted from increased net earnings, strong identical sales growth and the repurchase of Kroger stock. During fiscal 2008, we repurchased 24 million shares of Kroger stock for a total investment of $637 million. During fiscal 2007, we repurchased 53 million shares of our stock for a total investment of $1.4 billion. During fiscal 2006, we repurchased 29 million shares of Kroger stock for a total investment of $633 million.

   Sales

Total Sales
(in millions)
    Percentage   Percentage  
       2008      Increase      2007      Increase      2006
Total food store sales without fuel $ 63,795 6.1 %   $ 60,142 4.2 %   $ 57,712
Total food store fuel sales 7,464   30.0 % 5,741 28.9 %   4,455
Total food store sales $ 71,259 8.2 %   $ 65,883   6.0 % $ 62,167
Other sales (1)   4,741 8.9 % 4,352 10.3 % 3,944
Total Sales $ 76,000 8.2 % $ 70,235 6.2 % $ 66,111
____________________
 
(1)     

Other sales primarily relate to sales at convenience stores, including fuel, jewelry stores and sales by our manufacturing plants to outside customers.

These excerpts taken from the KR 10-K filed Mar 31, 2009.

RESULTS OF OPERATIONS

 

The following discussion summarizes our operating results for 2008 compared to 2007 and for 2007 compared to 2006.  Comparability is affected by certain income and expense items that fluctuated significantly between and among the periods.

 

Net Earnings

 

Net earnings totaled $1.2 billion for 2008, compared to net earnings totaling $1.2 billion in 2007 and $1.1 billion in 2006.  The increase in our net earnings for 2008, compared to 2007 and 2006, resulted from strong non-fuel identical supermarket sales growth and strong fuel results.  In addition, 2006 net earnings included a 53rd week.

 

Earnings per diluted share totaled $1.90 or $1.92, excluding the effect of a $.02 per diluted share charge for damage and disruption caused by Hurricane Ike, in 2008, compared to $1.69 per diluted share in 2007 and $1.54 per diluted share in 2006.  Earnings per diluted share increased 13.6% in 2008, excluding the effect of a $.02 per diluted share charge for damage and disruption caused by Hurricane Ike, compared to 2007.  Earnings per diluted share increased 15% in 2007, compared to 2006, after adjusting for the extra week in fiscal 2006.  Net earnings in 2006 benefited from a 53rd week by an estimated $.07 per share.  Our earnings per share growth in 2008, 2007 and 2006 resulted from increased net earnings, strong identical sales growth and the repurchase of Kroger stock.  During fiscal 2008, we repurchased 24 million shares of Kroger stock for a total investment of $637 million.  During fiscal 2007, we repurchased 53 million shares of our stock for a total investment of $1.4 billion.  During fiscal 2006, we repurchased 29 million shares of Kroger stock for a total investment of $633 million.

 

Sales

 

RESULTS
OF
OPERATIONS



 



The following discussion summarizes our
operating results for 2008 compared to 2007 and for 2007 compared to
2006.  Comparability is affected by certain income and expense items that
fluctuated significantly between and among the periods.



 



Net Earnings



 



Net earnings totaled $1.2 billion for 2008, compared to net earnings
totaling $1.2 billion in 2007 and $1.1 billion in 2006.  The increase in our net earnings for 2008,
compared to 2007 and 2006, resulted from strong non-fuel identical supermarket
sales growth and strong fuel results.  In
addition, 2006 net earnings included a 53
rd week.



 



Earnings per diluted share totaled $1.90 or $1.92, excluding the effect
of a $.02 per diluted share charge for damage and disruption caused by Hurricane
Ike, in 2008, compared to $1.69 per diluted share in 2007 and $1.54 per diluted
share in 2006.  Earnings per diluted
share increased 13.6% in 2008, excluding the effect of a $.02 per diluted share
charge for damage and disruption caused by Hurricane Ike, compared to
2007.  Earnings per diluted share
increased 15% in 2007, compared to 2006, after adjusting for the extra week in
fiscal 2006.  Net earnings in 2006
benefited from a 53
rd week by
an estimated $.07 per share.  Our
earnings per share growth in 2008, 2007 and 2006 resulted from increased net
earnings, strong identical sales growth and the repurchase of Kroger
stock.  During fiscal 2008, we repurchased 24 million shares of Kroger
stock for a total investment of $637 million.  During fiscal 2007, we
repurchased 53 million shares of our stock for a total investment of $1.4
billion.  During fiscal 2006, we repurchased 29 million shares of Kroger
stock for a total investment of $633 million.



 



Sales



 



These excerpts taken from the KR 10-K filed Apr 1, 2008.

RESULTS OF OPERATIONS

 

The following discussion summarizes our operating results for 2007 compared to 2006 and for 2006 compared to 2005.  Comparability is affected by certain income and expense items that fluctuated significantly between and among the periods.

 

Net Earnings

 

Net earnings totaled $1,181 million for 2007, compared to net earnings totaling $1,115 and $958 million in 2006 and 2005, respectively.  The increase in our net earnings for 2007, compared to 2006 and 2005, resulted from spreading fixed costs over our increased identical sales.  In addition, 2006 net earnings, compared to 2005, increased due to a 53rd week in that year.

 

Earnings per diluted share totaled $1.69 in 2007, compared to $1.54 and $1.31 per share in 2006 and 2005, respectively.  Earnings per diluted share increased 15% after adjusting for the extra week in fiscal 2006.  Net earnings in 2006 benefited from a 53rd week by an estimated $0.07 per share.  Our earnings per share growth in 2007, 2006 and 2005 resulted from increased net earnings, strong identical sales growth and the repurchase of Kroger stock.  During fiscal 2007, we repurchased 53 million shares of Kroger stock for a total investment of $1,421 million.  During fiscal 2006, we repurchased 29 million shares of our stock for a total investment of $633 million.  During fiscal 2005, we repurchased 15 million shares of Kroger stock for a total investment of $252 million.

 

Sales

 

RESULTS OF
O
PERATIONS



 



The following discussion summarizes our operating results for
2007 compared to 2006 and for 2006 compared to 2005.  Comparability is
affected by certain income and expense items that fluctuated significantly
between and among the periods.



 



Net Earnings



 



Net
earnings totaled $1,181 million for 2007, compared to net earnings totaling
$1,115 and $958 million in 2006 and 2005, respectively.  The increase in our net earnings for 2007,
compared to 2006 and 2005, resulted from spreading fixed costs over our
increased identical sales.  In addition,
2006 net earnings, compared to 2005, increased due to a 53rd week in
that year.



 



Earnings
per diluted share totaled $1.69 in 2007, compared to $1.54 and $1.31 per share
in 2006 and 2005, respectively.  Earnings
per diluted share increased 15% after adjusting for the extra week in fiscal
2006.  Net earnings in 2006 benefited
from a 53rd week by an estimated $0.07 per share.  Our earnings
per share growth in 2007, 2006 and 2005 resulted from increased net earnings,
strong identical sales growth and the repurchase of Kroger stock.  During
fiscal 2007, we repurchased 53 million shares of Kroger stock for a total
investment of $1,421 million.  During fiscal 2006, we repurchased 29
million shares of our stock for a total investment of $633 million. 
During fiscal 2005, we repurchased 15 million shares of Kroger stock for a
total investment of $252 million.



 



Sales



 



This excerpt taken from the KR 10-Q filed Sep 27, 2007.

RESULTS OF OPERATIONS

Net Earnings

     Net earnings totaled $267 million for the second quarter of 2007, an increase of 27.8% from net earnings of $209 million for the second quarter of 2006. Net earnings totaled $604 million for the first two quarters of 2007, an increase of 17.3% from net earnings of $515 for the first two quarters of 2006. The increase in our net earnings was the result of leveraging our fixed costs by strong identical sales growth and decreases in net interest and rent, offset by an $18 million effect related to labor unrest at one of our distribution centers in the first quarter, and a LIFO charge of $60 million for the first two quarters, compared to $23 million in the first two quarters of 2006. The increase in the LIFO charge for the first two quarters was caused by general product cost increases, particularly in grocery and dairy products. The first quarter results for 2006 included a non-recurring legal expense charge of $45 million, or $.03 cents per diluted share.

     Earnings of $0.38 per diluted share for the second quarter of 2007 represented an increase of 31.0% over net earnings of $0.29 per diluted share for the second quarter of 2006. Earnings of $0.85 per diluted share for the first two quarters of 2007 represented an increase of 19.7% over net earnings of $0.71 for the first two quarters of 2006. Earnings per share growth resulted from increased net earnings and the repurchase of our stock under stock buyback plans announced in May 2006 and June 2007.

Page 20 of 38


    Sales

This excerpt taken from the KR 10-Q filed Jul 3, 2007.

RESULTS OF OPERATIONS

   Net Earnings

     Net earnings totaled $337 million for the first quarter of 2007, an increase of 10.1% from net earnings of $306 million for the first quarter of 2006. The increase in our net earnings was the result of leveraging our fixed costs with strong identical sales growth and improvements in net interest and rent expense, offset by an $18 million effect related to labor unrest at one of our distribution centers, and a LIFO charge of $20 million booked in the first quarter of 2007, compared to $10 million in the first quarter of 2006. First quarter 2006 results included a non-recurring legal expense charge of $45 million, or $.03 cents per diluted share.

     This produced earnings of $0.47 per diluted share for the first quarter of 2007, which represented an increase of 11.9% over net earnings of $0.42 per diluted share for the first quarter of 2006. Earnings per share growth was also favorably affected by the repurchase of our stock over the past four quarters.

Page 18 of 40


   Sales

This excerpt taken from the KR DEF 14A filed May 15, 2007.

RESULTS OF OPERATIONS

     The following discussion summarizes our operating results for 2006 compared to 2005 and for 2005 compared to 2004. Comparability is affected by certain income and expense items that fluctuated significantly between and among the periods, including goodwill and asset impairment charges and a labor dispute in southern California in 2004.

   Net Earnings (Loss)

     Net earnings totaled $1,115 million for 2006, compared to net earnings totaling $958 million in 2005 and a net loss totaling $104 million in 2004. The increase in our net earnings for 2006, compared to 2005 and 2004, resulted from improvements in the southern California market and the leveraging of fixed costs with strong identical supermarket sales growth, as well as the effect of a 53rd week in 2006. In addition, 2004 was negatively affected by goodwill charges totaling $904 million, as well as a labor dispute in southern California.

     Earnings per diluted share totaled $1.54 in 2006, compared to $1.31 per share in 2005 and a net loss of $0.14 per diluted share in 2004. Net earnings in 2006 benefited by $0.07 per share due to the 53rd week and $0.03 per share from the adjustment of certain deferred tax balances. Net earnings in 2006 also included expense of $0.03 per share recorded for legal reserves. Net earnings were reduced by $1.16 per share in 2004 due to the effects of goodwill impairment charges. Our earnings per share growth in 2006 and 2005 resulted from increased net earnings and the repurchase of Kroger stock. During fiscal 2006, we

This excerpt taken from the KR 10-Q filed Sep 21, 2006.

RESULTS OF OPERATIONS

Net Earnings

       Net earnings totaled $209 million for the second quarter of 2006, an increase of 6.6% from net earnings of $196 million for the second quarter of 2005. Net earnings totaled $515 million for the first two quarters of 2006, an increase of 5.1% from net earnings of $490 for the first two quarters of 2005. The increase in our net earnings was the result of leveraging our fixed costs by strong identical sales growth and improvements in net interest and depreciation expense, offset by stock option expense and charges recorded to increase legal reserves during the first quarter.

       Earnings of $0.29 per diluted share for the second quarter of 2006, including $0.01 per diluted share for stock option expense, represented an increase of 7.4% over net earnings of $0.27 per diluted share for the second quarter of 2005. Earnings of $0.71 per diluted share for the first two quarters of 2006 represented an increase of 6.0% over net earnings of $0.67 for the first two quarters of 2005. Earnings per share growth resulted from increased net earnings and the repurchase of 17 million shares of the Company’s stock over the past four quarters.


   Sales

This excerpt taken from the KR 10-Q filed Jun 29, 2006.

RESULTS OF OPERATIONS

   Net Earnings

     Net earnings totaled $306 million for the first quarter of 2006, an increase of 4.1% from net earnings of $294 million for the first quarter of 2005. The increase in our net earnings was the result of improvement in southern California and the leveraging of fixed costs by strong identical sales growth, offset by stock option expensing and charges recorded to increase legal reserves described above.

     Earnings of $0.42 per diluted share for the first quarter of 2006 represented an increase of 5.0% over net earnings of $0.40 per diluted share for the first quarter of 2005. Earnings per share growth resulted from increased net earnings and the repurchase of Company stock. Over the past four quarters, we have repurchased 12 million shares of the Company’s stock for a total investment of $233 million.

   Sales

This excerpt taken from the KR 10-Q filed Sep 21, 2005.

RESULTS OF OPERATIONS

 

Net Earnings

 

Net earnings totaled $196 million for the second quarter of 2005, an increase of 38.0% from net earnings of $142 million for the second quarter of 2004. Net earnings totaled $490 million for the first two quarters of 2005, an increase of 21.0% from net earnings of $405 million for the first two quarters of 2004. The increase in our net earnings was the result of improvement in southern California and the leveraging of fixed costs by strong identical sales growth.

 

Earnings per share of $0.27 per diluted share for the second quarter of 2005 represented an increase of 42.1% over net earnings of $0.19 per diluted share for the second quarter of 2004. Earnings per share of $0.67 per diluted share for the first two quarters of 2005 represented an increase of 24.1% over net earnings of $0.54 per diluted share for the first two quarters of 2004. Earnings per share growth resulted from increased net earnings and the repurchase of Company stock. Over the past four quarters, we have repurchased 21 million shares of the Company’s stock for a total investment of $342 million.


Sales

 

This excerpt taken from the KR 10-Q filed Jun 29, 2005.

RESULTS OF OPERATIONS

 

Net Earnings

 

Net earnings totaled $294 million for the first quarter of 2005, an increase of 11.8% from net earnings of $263 million for the first quarter of 2004. The increase in our net earnings was the result of improvement in southern California and the leveraging of fixed costs by strong identical sales growth.

 

Earnings per share of $0.40 per diluted share for the first quarter of 2005 represented an increase of 14.3% over net earnings of $0.35 per diluted share for the first quarter of 2004. Earnings per share growth resulted from increased net earnings and the repurchase of Company stock. Over the past four quarters, we have repurchased 20 million shares of the Company’s stock for a total investment of $323 million.

 

Sales

 

This excerpt taken from the KR DEF 14A filed May 16, 2005.

RESULTS OF OPERATIONS

 

The following discussion summarizes our operating results for 2004 compared to 2003 and for 2003 compared to 2002. Comparability is affected by certain income and expense items that fluctuated significantly between and among the periods, including goodwill and asset impairment charges and labor disputes in West Virginia and southern California. These items are identified and discussed in more detail below in “Other Items” and “Estimated Effect of Labor Disputes.”

 

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