March 7, 2024
Kroger’s 4Q and full year 2023 results published this morning were a continuation of trends seen during the last several quarters.
Decelerating top line growth (adjusted comps +0.1%) was driven by moderating inflation and a challenging consumer backdrop, although Kroger is seeing more positive performance with its mainstream and upscale customer cohorts. In addition, eCommerce was the relative bright spot as digital sales grew +10% and strong Kroger Precision Marketing (KPM) growth helped profitability.
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