Kroger released today its fourth quarter and fiscal year 2022 results and outlined its strategy for 2023.
"Kroger achieved exceptional results in 2022 as we executed on our Leading with Fresh and Accelerating with Digital strategy, building on record years in 2020 and 2021," said Chairman and CEO Rodney McMullen, in a statement.
In the fourth quarter, sales were up to $34.8 billion, compared to $33 billion for the same period the year before. Sales were also bolstered by private label and digital sales, which grew in the fourth quarter by 10.1 percent and 12 percent, respectively. This helped the company achieve $148.3 billion in sales in 2022 vs. $137.9 billion the year before.
The company stated that the results reflected its ability to manage higher product cost inflation while maintaining competitive prices.
"Kroger's 2022 results demonstrate the strength of our value creation model. In 2023, we expect to build on this momentum and deliver revenue and EPS growth on top of the record results achieved over the past three years,” said Gary Millerchip, CFO of Kroger, in a statement. “We expect to grow revenue by continuing to invest in our customers through competitive pricing and personalization, fresh products, and a better shopping experience.”
Millerchip said Kroger will increase employee wages, funded by improving the product assortment and leaning into various cost-saving initiatives.
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