Kroger’s digital sales grew more than 90 percent in 2017, the company reported during its earnings call today.
The company expects capital investments, excluding mergers, acquisitions, and purchases of leased facilities, to be approximately $3 billion in 2018. Total sales increased 12.4 percent to $31 billion in the fourth quarter compared to $27.6 billion for the same period in the last year. Total sales increased nearly 3 percent in the fourth quarter over the same period last year.
The company touted its successes in 2017, as the grocer continues to try to compete with the changing grocery landscape. Kroger chairman and CEO Rodney McMullen highlighted some of the company’s accomplishments last year. The company announced plans to expand Scan, Bag, Go to 400 stores while creating more than 10,000 new supermarket jobs.
Kroger also established digital wallet partnership with Chase Pay and achieved $16.7 billion in annual natural and organic sales, including $2 billion in Simple Truth sales, McMullen said during the earnings call.
The grocer also launched Restock Kroger, an initiative to redefine the food and grocery consumer experience. The Restock Kroger Plan will be fueled by capital investments, cost savings and free cash flow.
“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,” McMullen said.
FIVE FAST BUSINESS READS
• JC Penney cuts 360 jobs in stores, corporate headquarters
• Could Dayton see a hyperloop stop? City included in feasibility study
• Macy’s outlet store to open at shopping center in Dayton area
• Check out this $1 million home for sale in Clearcreek Twp.
• Tyra Patterson: Every day is a second chance