The Kroger Co. (Cincinnati) released its latest quarterly earnings yesterday, which revealed that the company broke its industry-leading streak of identical-store sales growth. Up until now, the company had experienced 52 consecutive quarters — which translates to 13 years — of sales growth.
When the company released its fourth-quarter earnings, the company saw same-store sales (excluding fuel sales) fall by 0.7 percent. It also saw net income fall 9 percent to $506 million. Still, total sales rose 5.5 percent to $27.6 billion, which was more than analysts had expected. Full-year sales rose 5 percent to $115.3 billion.
According to Cincinnati Business Courier, the company doesn’t expect a fast rebound; same-store sales are anticipated to stay flat or to go up by only 1 percent this fiscal year.