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Wall Street Journal
41 minutes ago
- Business
- Wall Street Journal
Kroger Posts Lower Profit, Sales
Kroger KR -0.65%decrease; red down pointing triangle logged lower profit and sales in its latest quarter, though the company slightly raised its 2025 same-store sales outlook on recent sales momentum despite an uncertain macroeconomic environment. The Cincinnati supermarket chain on Friday posted net income of $866 million, or $1.29 a share, for its three months ended May 24, compared with $947 million, or $1.29 a share, a year earlier. Kroger had about 664 million shares outstanding at the end of the recent quarter, compared with about 727 million a year earlier.
Yahoo
2 hours ago
- Business
- Yahoo
Kroger Reports First Quarter 2025 Results and Updates Identical Sales without Fuel Guidance for 2025
First Quarter Highlights Identical Sales without fuel increased 3.2%* Operating Profit of $1,322 million; EPS of $1.29 Adjusted FIFO Operating Profit of $1,518 million and Adjusted EPS of $1.49 eCommerce sales increased 15% CINCINNATI, June 20, 2025 /PRNewswire/ -- The Kroger Co. (NYSE: KR) today reported its first quarter 2025 results, updated 2025 identical sales without fuel guidance and shared our progress on key priorities. Comments from Chairman and CEO Ron Sargent "Kroger delivered solid first quarter results, with strong sales led by pharmacy, eCommerce and fresh. We made good progress in streamlining our priorities, enhancing customer focus, and running great stores to improve the shopping experience. Our commitment to driving growth in our core business and moving with speed positions us well for the future. We are confident in our ability to build on our momentum, deliver value for customers, invest in associates and generate attractive returns for shareholders." * Excludes adjustment items First Quarter Financial Results1Q25 ($ in millions; except EPS) 1Q24 ($ in millions; except EPS) ID Sales(1) (Table 4) 3.2 % 0.5 % Earnings Per Share $1.29 $1.29 Adjusted EPS (Table 6) $1.49 $1.43 Operating Profit $1,322 $1,294 Adjusted FIFO Operating Profit (Table 7) $1,518 $1,499 Gross Margin (Table 8) 23.0 % 22.0 % FIFO Gross Margin Rate(2) Increased 79 basis points (including 46 basis points increase from the sale of Kroger Specialty Pharmacy) OG&A Rate(1) Increased 63 basis points (including 33 basis points increase from the sale of Kroger Specialty Pharmacy) (1) Without fuel and adjustment items, if applicable. (2) Without rent, depreciation and amortization, fuel and adjustment items, if applicable. Total company sales were $45.1 billion in the first quarter compared to $45.3 billion for the same period last year, which included $917 million from Kroger Specialty Pharmacy sales. Excluding fuel, Kroger Specialty Pharmacy and adjustment items, sales increased 3.7% compared to the same period last year. Gross margin was 23.0% of sales for the first quarter compared to 22.0% for the same period last year. The improvement in gross margin was primarily attributable to the sale of Kroger Specialty Pharmacy, lower shrink and lower supply chain costs, partially offset by the mix effect from growth in pharmacy sales which have lower margins. The FIFO gross margin rate, excluding rent, depreciation and amortization, fuel and adjustment items increased 79 basis points compared to the same period last year. The improvement in rate was primarily attributable to the sale of Kroger Specialty Pharmacy, lower shrink and lower supply chain costs, partially offset by the mix effect from growth in pharmacy sales which have lower margins. The LIFO charge for the quarter was $40 million, compared to a LIFO charge of $41 million for the same period last year. The Operating, General and Administrative rate, excluding fuel, and adjustment items, increased 63 basis points compared to the same period last year. The increase in rate was primarily attributable to the sale of Kroger Specialty Pharmacy and an accelerated contribution to a multi-employer pension plan, partially offset by improved productivity. Multi-employer pension contributions drove a 29 basis point increase in the quarter. In the first quarter, Kroger recognized an impairment charge of $100 million related to the planned closing of approximately 60 stores over the next 18 months. As a result of these store closures, Kroger expects a modest financial benefit. Kroger is committed to reinvesting these savings back into the customer experience, and as a result, this will not impact full-year guidance. Kroger will offer roles in other stores to all associates currently employed at affected stores. Capital Allocation Strategy Kroger expects to continue to generate strong free cash flow and remains committed to investing in the business to drive long-term sustainable net earnings growth, as well as maintaining its current investment grade debt rating. The Company expects to continue to pay its quarterly dividend and expects this to increase over time, subject to board approval. During the fourth quarter of Kroger's fiscal 2024, Kroger entered into a $5 billion accelerated share repurchase program (ASR), which is expected to be completed by no later than Kroger's fiscal third quarter 2025. The ASR is being completed under Kroger's $7.5 billion share repurchase authorization. After completion of the ASR program, Kroger expects to resume open market share repurchases under the remaining $2.5 billion authorization. Kroger expects to complete these open market share repurchases by the end of fiscal 2025, which is contemplated in full-year guidance. Kroger's net total debt to adjusted EBITDA ratio is 1.69, compared to 1.25 a year ago (Table 5). The company's net total debt to adjusted EBITDA ratio target range is 2.30 to 2.50. Kroger's strong balance sheet provides ample opportunities for the Company to invest in the business and enhance shareholder value. Full-Year 2025 Guidance* Updated Identical Sales without fuel of 2.25% – 3.25% Reaffirmed Adjusted FIFO Operating Profit of $4.7 – $4.9 billion Adjusted net earnings per diluted share of $4.60 – $4.80 Adjusted Free Cash Flow of $2.8 – $3.0 billion** Capital expenditures of $3.6 – $3.8 billion Adjusted effective tax rate of 23%*** * Without adjusted items, if applicable. Kroger is unable to provide a full reconciliation of the GAAP and non-GAAP measures used in 2025 guidance without unreasonable effort because it is not possible to predict certain of our adjustment items with a reasonable degree of certainty. This information is dependent upon future events and may be outside of our control and its unavailability could have a significant impact on 2025 GAAP financial results. ** Adjusted free cash flow excludes planned payments related to the restructuring of multi-employer pension plans, payments related to opioid settlements and merger litigation costs. *** The adjusted tax rate reflects typical tax adjustments and does not reflect changes to the rate from the completion of income tax audit examinations and changes in tax laws and policies, which cannot be predicted. Comments from CFO David Kennerley "Our strong sales results and positive momentum give us confidence to raise our identical sales without fuel guidance, to a new range of 2.25% to 3.25%. While first quarter sales and profitability exceeded our expectations, the macroeconomic environment remains uncertain and as a result other elements of our guidance remain unchanged. We continue to believe that our strategy focusing on fresh, Our Brands and eCommerce will continue to resonate with customers and our resilient model positions us well to navigate the current environment." About Kroger At The Kroger Co. (NYSE: KR), we are dedicated to our Purpose: To Feed the Human Spirit™. We are, across our family of companies nearly 410,000 associates who serve over 11 millioncustomers daily through an eCommerce and store experience under a variety of banner names, serving America through food inspiration and uplift, and creating #ZeroHungerZeroWaste communities. To learn more about us, visit our newsroom and investor relations site. Kroger's first quarter 2025 ended on May 24, 2025. Note: Fuel sales have historically had a low gross margin rate and operating expense rate as compared to corresponding rates on non-fuel sales. As a result, Kroger discusses the changes in these rates excluding the effect of fuel. Please refer to the supplemental information presented in the tables for reconciliations of the non-GAAP financial measures used in this press release to the most comparable GAAP financial measure and related disclosure. As noted above, Kroger is unable to provide a full reconciliation of the GAAP and non-GAAP measures used in its guidance without unreasonable effort because it is not possible to predict certain of our adjustment items with a reasonable degree of certainty. This information is dependent upon future events and may be outside of our control and its unavailability could have a significant impact on GAAP financial results. This press release contains certain statements that constitute "forward-looking statements" about Kroger's financial position and the future performance of the company. These statements are based on management's assumptions and beliefs in light of the information currently available to it. Such statements are indicated by words or phrases such as "achieve," "committed," "confidence," "continue," "deliver," "drive," "expect," "future," "guidance," "model," "opportunities," "outlook," "strategy," "target," "trends," "will," and variations of such words and similar phrases. Various uncertainties and other factors could cause actual results to differ materially from those contained in the forward-looking statements. These include the specific risk factors identified in "Risk Factors" in our annual report on Form 10-K for our last fiscal year and any subsequent filings, as well as the following: Kroger's ability to achieve sales, earnings, incremental FIFO operating profit, and adjusted free cash flow goals may be affected by: labor negotiations; potential work stoppages; changes in the unemployment rate; pressures in the labor market; changes in government-funded benefit programs; changes in the types and numbers of businesses that compete with Kroger; pricing and promotional activities of existing and new competitors, and the aggressiveness of that competition; Kroger's response to these actions; the state of the economy, including interest rates, the inflationary, disinflationary and/or deflationary trends and such trends in certain commodities, products and/or operating costs; the geopolitical environment including wars and conflicts; unstable political situations and social unrest; changes in tariffs; the effect that fuel costs have on consumer spending; volatility of fuel margins; manufacturing commodity costs; supply constraints; diesel fuel costs related to Kroger's logistics operations; trends in consumer spending; the extent to which Kroger's customers exercise caution in their purchasing in response to economic conditions; the uncertainty of economic growth or recession; stock repurchases; changes in the regulatory environment in which Kroger operates, along with changes in federal policy and at regulatory agencies; Kroger's ability to retain pharmacy sales from third party payors; consolidation in the healthcare industry, including pharmacy benefit managers; Kroger's ability to negotiate modifications to multi-employer pension plans; natural disasters or adverse weather conditions; the effect of public health crises or other significant catastrophic events; the potential costs and risks associated with potential cyber-attacks or data security breaches; the success of Kroger's future growth plans; the ability to execute our growth strategy and value creation model, including continued cost savings, growth of our alternative profit businesses, and our ability to better serve our customers and to generate customer loyalty and sustainable growth through our strategic pillars of fresh, our brands, personalization, and seamless; the outcome of litigation matters, including those relating to the terminated transaction with Albertsons; and the risks relating to or arising from our opioid litigation settlements, including the risk of litigation relating to persons, entities, or jurisdictions that do not participate in those settlements . Our ability to achieve these goals may also be affected by our ability to manage the factors identified above. Our ability to execute our financial strategy may be affected by our ability to generate cash flow. Kroger's adjusted effective tax rate may differ from the expected rate due to changes in tax laws and policies, the status of pending items with various taxing authorities, and the deductibility of certain expenses. Kroger assumes no obligation to update the information contained herein unless required by applicable law. Please refer to Kroger's reports and filings with the Securities and Exchange Commission for a further discussion of these risks and uncertainties. Note: Kroger's quarterly conference call with investors will broadcast live at 10 a.m. (ET) on June 20, 2025 at An on-demand replay of the webcast will be available at approximately 1 p.m. (ET) on Friday, June 20, 2025. 1st Quarter 2025 Tables Include: Consolidated Statements of Operations Consolidated Balance Sheets Consolidated Statements of Cash Flows Supplemental Sales Information Reconciliation of Net Total Debt and Net Earnings Attributable to The Kroger Co. to Adjusted EBITDA Net Earnings Per Diluted Share Excluding the Adjustment Items Operating Profit Excluding the Adjustment Items Gross Margin Table 1. THE KROGER CO. CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share amounts) (unaudited)FIRST QUARTER 20252024 SALES $ 45,118100.0 %$ 45,269100.0 % OPERATING EXPENSES MERCHANDISE COSTS, INCLUDING ADVERTISING, WAREHOUSING AND TRANSPORTATION (a), AND LIFO CHARGE (b) 34,55176.635,12477.6 OPERATING, GENERAL AND ADMINISTRATIVE (a) 7,92317.67,60416.8 RENT 2710.62690.6 DEPRECIATION AND AMORTIZATION 1,0512.39782.1 OPERATING PROFIT1,3222.91,2942.9 OTHER INCOME (EXPENSE) NET INTEREST EXPENSE (199)(0.5)(123)(0.3) NON-SERVICE COMPONENT OF COMPANY-SPONSOREDPENSION PLAN (EXPENSE) BENEFITS (1)-4- (LOSS) GAIN ON INVESTMENTS (19)-16- NET EARNINGS BEFORE INCOME TAX EXPENSE1,1032.41,1912.6INCOME TAX EXPENSE2350.52350.5 NET EARNINGS INCLUDING NONCONTROLLING INTERESTS8681.99562.1 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS2-9- NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. $ 8661.9 %$ 9472.1 % NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. PER BASIC COMMON SHARE$ 1.30$ 1.30 AVERAGE NUMBER OF COMMON SHARES USED IN BASIC CALCULATION660721 NET EARNINGS ATTRIBUTABLE TO THE KROGER CO. PER DILUTED COMMON SHARE$ 1.29$ 1.29 AVERAGE NUMBER OF COMMON SHARES USED IN DILUTED CALCULATION664727DIVIDENDS DECLARED PER COMMON SHARE $ 0.32$ 0.29Note: Certain percentages may not sum due to rounding. Note: The Company defines First-In First-Out (FIFO) gross profit as sales minus merchandise costs, including advertising, warehousing and transportation, but excluding the Last-In First-Out (LIFO) charge, rent and depreciation and amortization. The Company defines FIFO gross margin as FIFO gross profit divided by sales. The Company defines FIFO operating profit as operating profit excluding the LIFO charge. The Company defines FIFO operating margin as FIFO operating profit divided by sales. The above FIFO financial metrics are important measures used by management to evaluate operational effectiveness. Management believes these FIFO financial metrics are useful to investors and analysts because they measure our day-to-day operational effectiveness. (a) Merchandise costs ("COGS") and operating, general and administrative expenses ("OG&A") exclude depreciation and amortization expense and rent expense which are included in separate expense lines. (b) LIFO charges of $40 and $41 were recorded in the first quarters of 2025 and 2024, respectively. Table 2. THE KROGER CO. CONSOLIDATED BALANCE SHEETS (in millions) (unaudited) May 24,May 25, 20252024 ASSETS Current AssetsCash $ 340$ 345 Temporary cash investments 4,3982,501 Store deposits in-transit1,1791,226 Receivables 2,1311,968 Inventories 7,0206,694 Assets held for sale-607 Prepaid and other current assets 697822 Total current assets15,76514,163 Property, plant and equipment, net 25,82925,537Operating lease assets6,8406,695Intangibles, net 836864Goodwill 2,6742,673Other assets 1,3041,647 Total Assets $ 53,248$ 51,579LIABILITIES AND SHAREOWNERS' EQUITYCurrent LiabilitiesCurrent portion of long-term debt including obligations under finance leases$ 807$ 198 Current portion of operating lease liabilities668665 Accounts payable10,56210,777 Accrued salaries and wages 1,2091,208 Liabilities held for sale-242 Other current liabilities3,3793,288 Total current liabilities16,62516,378 Long-term debt including obligations under finance leases 17,13812,021Noncurrent operating lease liabilities 6,5956,412Deferred income taxes1,4011,535Pension and postretirement benefit obligations381386Other long-term liabilities2,2002,434 Total Liabilities44,34039,166 Shareowners' equity 8,90812,413 Total Liabilities and Shareowners' Equity$ 53,248$ 51,579Total common shares outstanding at end of period661722Total diluted shares year-to-date 664727 Table 3. THE KROGER CO. CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) (unaudited) YEAR-TO-DATE 20252024 CASH FLOWS FROM OPERATING ACTIVITIES: Net earnings including noncontrolling interests$ 868$ 956 Adjustments to reconcile net earnings including noncontrollinginterests to net cash provided by operating activities: Depreciation and amortization 1,051978 Asset impairment and store closure changes 10820 Operating lease asset amortization184187 LIFO charge4041 Share-based employee compensation3857 Deferred income taxes (16)(64) Loss (gain) on investments 19(16) Other(37)(10) Changes in operating assets and liabilities: Store deposits in-transit 133(11) Receivables 47(102) Inventories (23)225 Prepaid and other current assets86(208) Accounts payable 288622 Accrued expenses (381)(327) Income taxes receivable and payable41180 Operating lease liabilities (134)(137) Other(163)(49)Net cash provided by operating activities2,1492,342CASH FLOWS FROM INVESTING ACTIVITIES: Payments for property and equipment, including payments for lease buyouts(1,044)(1,304) Proceeds from sale of assets 12304 Other(7)(14)Net cash used by investing activities (1,039)(1,014)CASH FLOWS FROM FINANCING ACTIVITIES: Payments on long-term debt including obligations under finance leases(52)(54) Dividends paid(211)(210) Proceeds from issuance of capital stock14585 Treasury stock purchases (181)(103) Other(32)(66)Net cash used by financing activities (331)(348) NET INCREASE IN CASH AND TEMPORARY CASH INVESTMENTS 779980 CASH AND TEMPORARY CASH INVESTMENTS: BEGINNING OF YEAR 3,9591,883 END OF PERIOD$ 4,738$ 2,863Reconciliation of capital investments:Payments for property and equipment, including payments for lease buyouts$ (1,044)$ (1,304) Payments for lease buyouts 1137 Changes in construction-in-progress payables(150)37Total capital investments, excluding lease buyouts$ (1,183)$ (1,230) Disclosure of cash flow information: Cash paid during the year for net interest$ 269$ 70Cash paid during the year for income taxes$ 203$ 119 Table 4. Supplemental Sales Information (in millions, except percentages) (unaudited)Items identified below should not be considered as alternatives to sales or any other GAAP measure of performance. Identical sales is an industry-specific measure, and it is important to review it in conjunction with Kroger's financial results reported in accordance with GAAP. Other companies in our industry may calculate identical sales differently than Kroger does, limiting the comparability of the defines identical sales, excluding fuel, as sales to retail customers, including sales from all departments at identical supermarket locations, jewelry and ship-to-home solutions. Kroger defines a supermarket as identical whenit has been in operation without expansion or relocation for five full quarters. We include Kroger Delivery sales as identical if the delivery occurs in an existing Kroger Supermarket geography or when the location has been in operation for five full quarters. IDENTICAL SALES (a)EXCLUDING ADJUSTMENT ITEMS FIRST QUARTER (a)FIRST QUARTER 2025202420252024EXCLUDING FUEL$ 39,766$ 38,535$ 40,027$ 38,867EXCLUDING FUEL3.2 %0.5 %3.0 %0.5 % (a) Identical sales, excluding fuel, were adjusted to exclude stores involved in the labor disputes in Colorado. Identical sales, excluding fuel, were excluded for the first four weeks of the quarter for stores involved in this labor dispute. Table 5. Reconciliation of Net Total Debt and Net Earnings Attributable to The Kroger Co. to Adjusted EBITDA (in millions, except for ratio) (unaudited)The items identified below should not be considered an alternative to any GAAP measure of performance or access to liquidity. Net total debt to adjusted EBITDA is an important measure used by management to evaluate the Company's access to liquidity. The items below should be reviewed in conjunction with Kroger's financial results reported in accordance with following table provides a reconciliation of net total 24,May 25, 20252024ChangeCurrent portion of long-term debt including obligations under finance leases$ 807$ 198$ 609 Long-term debt including obligations under finance leases17,13812,0215,117 Total debt17,94512,2195,726Less: Temporary cash investments4,3982,5011,897 Net total debt$ 13,547$ 9,718$ 3,829 The following table provides a reconciliation from net earnings attributable to The Kroger Co. to adjusted EBITDA, as defined in the Company's credit agreement, on a rolling four quarter 52-week basis. ROLLING FOUR QUARTERS ENDEDMay 24, May 25,2025 2024Net earnings attributable to The Kroger Co. on a 53-week basis in fiscal year 2023 $ 2,584 $ 2,149 LIFO charge 94 55 Depreciation and amortization 3,319 3,146 Net interest expense 526 411 Income tax expense 670 616 Adjustment for loss (gain) on investments 183 (245) Adjustment for severance charge and related benefits 32 - Adjustment for impairment of intangible assets 30 - Adjustment for property losses 25 - Adjustment for merger-related costs (a) 509 450 Adjustment for merger-related litigation costs 15 - Adjustment for opioid settlement charges and vendor reserves (5) 1,413 Adjustment for gain on sale of Kroger Specialty Pharmacy (79) - Adjustment for labor dispute charges 44 - Adjustment for store closures 100 - Adjustment for executive stock compensation for a former executive (21) - 53rd week EBITDA adjustment - (187) Other (11) (14)Adjusted EBITDA $ 8,015 $ 7,794Net total debt to adjusted EBITDA ratio on a 52-week basis 1.69 1.25 (a) Merger-related costs primarily include third-party professional fees and credit facility fees associated with the terminated merger with Albertsons Companies, Inc. Table 6. Net Earnings Per Diluted Share Excluding the Adjustment Items (in millions, except per share amounts) (unaudited)The purpose of this table is to better illustrate comparable operating results from our ongoing business, after removing the effects on net earnings per diluted common share for certain items described below. Adjusted net earnings and adjusted net earnings per diluted share are useful metrics to investors and analysts because they present more accurately year-over-year comparisons for net earnings and net earnings per diluted share because adjusted items are not the result of normal operations. Items identified in this table should not be considered alternatives to net earnings attributable to The Kroger Co. or any other GAAP measure of performance. These items should not be reviewed in isolation or considered substitutes for the Company's financial results as reported in accordance with GAAP. Due to the nature of these items, as further described below, it is important to identify these items and to review them in conjunction with the Company's financial results reported in accordance with following table summarizes items that affected the Company's financial results during the periods presented. FIRST QUARTER20252024Net earnings attributable to The Kroger Co.$ 866$ 947Adjustment for loss (gain) on investments (a)(b)15(12)Adjustment for labor dispute charges (a)(c)33-Adjustment for store closures (a)(d)77-Adjustment for executive stock compensation for a former executive (a)(e)(16)-Adjustment for merger-related costs (a)(f) -143Adjustment for merger-related litigation costs (a)(g)11-Adjustment for opioid settlement charges and vendor reserves (a)(h) 17-Executive stock compensation for a former executive income tax adjustment(7)-Held for sale income tax adjustment -(31)2025 and 2024 Adjustment Items 130100Net earnings attributable to The Kroger Co. excluding the adjustment items above$ 996$ 1,047Net earnings attributable to The Kroger Co. per diluted common share $ 1.29$ 1.29Adjustment for loss (gain) on investments (i)0.02(0.02)Adjustment for labor dispute charges (i)0.05-Adjustment for store closures (i)0.12-Adjustment for executive stock compensation for a former executive (i)(0.03)-Adjustment for merger-related costs (i) -0.20Adjustment for merger-related litigation costs (i)0.02-Adjustment for opioid settlement charges and vendor reserves (i) 0.03-Executive stock compensation for a former executive income tax adjustment (i)(0.01)-Held for sale income tax adjustment (i)-(0.04)2025 and 2024 Adjustment Items 0.200.14Net earnings attributable to The Kroger Co. per diluted common share excluding the adjustment items above$ 1.49$ 1.43Average number of common shares used in diluted calculation 664727 Table 6. Net Earnings Per Diluted Share Excluding the Adjustment Items (continued) (in millions, except per share amounts) (unaudited) (a) The amounts presented represent the after-tax effect of each adjustment. (b) The pre-tax adjustments for loss (gain) on investments were $19 and $(16) in the first quarters of 2025 and 2024, respectively. (c) The pre-tax adjustments to Sales, COGS and OG&A expenses for labor dispute charges was $44. (d) The pre-tax adjustment to OG&A expenses for store closures was $100. (e) The pre-tax adjustment to OG&A expenses for executive stock compensation for a former executive was $(21). (f) The pre-tax adjustment to OG&A expenses for merger-related costs was $175. (g) The pre-tax adjustment to OG&A expenses for merger-related litigation costs was $15. (h) The pre-tax adjustments to OG&A expenses for opioid settlement charges and vendor reserves was $22. (i) The amounts presented represent the net earnings (loss) per diluted common share effect of each adjustment. Note: 2025 First Quarter Adjustment Items include adjustments for the loss on investments, labor dispute charges, store closures, executive stock compensation for a former executive, merger-related litigation costs, opioid settlement charges and vendor reserves and executive stock compensation for a former executive income tax.2024 First Quarter Adjustment Items include adjustments for the gain on investments, merger-related costs and held for sale income tax . Table 7. Operating Profit Excluding the Adjustment Items (in millions) (unaudited)The purpose of this table is to better illustrate comparable operating results from our ongoing business, after removing the effects on operating profit for certain items described below. Adjusted FIFO operating profit is a useful metric to investors and analysts because it presents more accurately year-over-year comparisons for operating profit because adjusted items are not the result of normal operations. Items identified in this table should not be considered alternatives to operating profit or any other GAAP measure of performance. These items should not be reviewed in isolation or considered substitutes for the Company's financial results as reported in accordance with GAAP. Due to the nature of these items, as further described below, it is important to identify these items and to review them in conjunction with the Company's financial results reported in accordance with following table summarizes items that affected the Company's financial results during the periods presented. FIRST QUARTER20252024Operating profit$ 1,322$ 1,294LIFO charge4041FIFO operating profit 1,3621,335Adjustment for merger-related costs (a)-175Adjustment for merger-related litigation costs15-Adjustment for opioid settlement charges and vendor reserves22-Adjustment for labor dispute charges44-Adjustment for store closures 100-Adjustment for executive stock compensation for a former executive(21)-Other (4)(11)2025 and 2024 Adjustment items156164Adjusted FIFO operating profit excluding the adjustment items above $ 1,518$ 1,499 (a) Merger-related costs primarily include third party professional fees and credit facility fees associated with the terminated merger with Albertsons Companies, Inc. Table 8. Gross Margin (in millions, except percentages) (unaudited) In the Consolidated Statements of Operations within Table 1, the Company separately presents rent and depreciation and amortization to evaluate operational effectiveness. The table below calculates gross margin in accordance with Generally Accepted Accounting Principles ("GAAP") by including a portion of rent and depreciation and amortization related to the Company's manufacturing and warehousing and transportation activities. The following table provides the calculation of gross profit and gross margin in accordance with QUARTER20252024Sales $ 45,118$ 45,269Merchandise costs, including advertising, warehousing and transportation and LIFO charge, excluding rent and depreciation and amortization34,55135,124Rent 1823Depreciation and amortization 193181Gross profit$ 10,356$ 9,941Gross margin23.0 %22.0 % View original content to download multimedia: SOURCE The Kroger Co.
Business Standard
2 hours ago
- Business
- Business Standard
Shri Hare-Krishna Sponge Iron Limited launches ₹29.91 crore IPO
HT Syndication New Delhi [India], June 20: Shri Hare-Krishna Sponge Iron Limited, engaged in the manufacturing and sale of sponge iron, has announced the launch of its Initial Public Offering (IPO) on the NSE Emerge platform. The IPO will open on June 24, 2025, and close on June 26, 2025, with a price band of ₹56 to ₹59 per equity share of face value ₹10 each. The issue comprises a fresh issue of 50,70,000 equity shares, aggregating to ₹29.91 crore at the upper price band. The issue is being managed by Hem Securities Limited. KFin Technologies Limited is acting as the registrar to the issue. The minimum application lot is 2,000 equity shares. Allocation is as follows: - 24,02,000 shares for Qualified Institutional Buyers (QIB) - 7,24,000 shares for Non-Institutional Investors (NII) - 16,86,000 shares for Retail Individual Investors (RII) - 2,58,000 shares for Market Makers Utilization of Proceeds: - Funding of Capital Expenditure Requirements of our Company towards set up of Captive Power Plant at Siltara-Raipur: ₹2,300 Lakhs - General Corporate Purpose Company Overview Shri Hare-Krishna Sponge Iron Limited, incorporated in 2003 and based in Raipur, Chhattisgarh, operates in the sponge iron manufacturing segment. The company owns a manufacturing unit spread across 13.45 acres with an annual installed capacity of 30,000 metric tonnes. Sponge iron produced by the company is a key raw material for electric arc and induction furnace-based steel production. The company is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 certified. Financial Highlights (FY25): - Revenue: ₹80.47 crore - EBITDA: ₹10.78 crore (13.40%) - PAT: ₹9.20 crore (11.43%) - ROCE: ~15% Leadership - Mr. Manoj Parasrampuria, Chairman and Managing Director - Mr. Abhishek Parasrampuria, CFO Investor and Media Contact: Corporate Communications - Shri Hare-Krishna Sponge Iron Limited Flat No. 2-D, 2nd Floor, Tower No. 1, Alcove Gloria, 403/1, Dakshindari Road, VIP Road, Sreebhumi, North 24 Parganas, Kolkata - 700048 - Email: cs@ - Website: Forward-Looking Statement: Certain statements in this release may be forward-looking in nature, involving risks and uncertainties that may cause actual outcomes to differ materially. Shri Hare-Krishna Sponge Iron Limited does not undertake to update these statements publicly.
Economic Times
2 hours ago
- Business
- Economic Times
Shri Hare-Krishna Sponge Iron Limited launches ₹29.91 crore IPO
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shri Hare-Krishna Sponge Iron Limited, engaged in the manufacturing and sale of sponge iron, has announced the launch of its Initial Public Offering ( IPO ) on the NSE Emerge opens on June 24, closes June 26 With face value of ₹10 each, the price band is ₹56 to ₹59 per equity share To support capital expenditure and general corporate purposes The IPO will open on June 24, 2025, and close on June 26, 2025, with a price band of ₹56 to ₹59 per equity share of face value ₹10 issue comprises a fresh issue of 50,70,000 equity shares , aggregating to ₹29.91 crore at the upper price band. The issue is being managed by Hem Securities Limited. KFin Technologies Limited is acting as the registrar to the minimum application lot is 2,000 equity shares. Allocation is as follows: 24,02,000 shares for Qualified Institutional Buyers (QIB) 7,24,000 shares for Non-Institutional Investors (NII) 16,86,000 shares for Retail Individual Investors (RII) 2,58,000 shares for Market Makers Utilization of Proceeds: Funding of Capital Expenditure Requirements of our Company towards set up of Captive Power Plant at Siltara-Raipur: ₹2,300 Lakhs General Corporate Purpose Company Overview Shri Hare-Krishna Sponge Iron Limited, incorporated in 2003 and based in Raipur, Chhattisgarh, operates in the sponge iron manufacturing segment. The company owns a manufacturing unit spread across 13.45 acres with an annual installed capacity of 30,000 metric tonnes. Sponge iron produced by the company is a key raw material for electric arc and induction furnace-based steel company is ISO 9001:2015, ISO 14001:2015, and ISO 45001:2018 Highlights (FY25): Revenue: ₹80.47 crore EBITDA: ₹10.78 crore (13.40%) PAT: ₹9.20 crore (11.43%) ROCE: ~15% Leadership Mr. Manoj Parasrampuria, Chairman and Managing Director Mr. Abhishek Parasrampuria, CFO Investor and Media Contact: Corporate Communications - Shri Hare-Krishna Sponge Iron Limited Flat No. 2-D, 2nd Floor, Tower No. 1, Alcove Gloria, 403/1, Dakshindari Road, VIP Road, Sreebhumi, North 24 Parganas, Kolkata - 700048 Email: cs@ Website: Forward-Looking Statement: Certain statements in this release may be forward-looking in nature, involving risks and uncertainties that may cause actual outcomes to differ materially. Shri Hare-Krishna Sponge Iron Limited does not undertake to update these statements publicly.(Disclaimer: The above press release comes to you under an arrangement with PNN and takes no editorial responsibility for the same.).
Mint
10 hours ago
- Business
- Mint
Oswal Pumps Share Price Live: GMP, experts hint a decent debut of shares in stock market today; check key detail
Oswal Pumps Share Price Live: Oswal Pumps shares are scheduled to debut in the Indian stock market today, June 20. The initial public offering for shares began on June 13 and ended on June 17. Oswal Pumps IPO allotment was finalised on Wednesday, June 18. A notice on the BSE indicated that trading members of the exchange are hereby notified that starting on Friday, June 20, 2025, the equity shares of Oswal Pumps Limited will be listed and available for trading on the Exchange as part of the 'B' Group of Securities. Oswal Pumps IPO price band was fixed in the range of ₹ 584 to ₹ 614 per equity share of the face value of Re 1. Oswal Pumps IPO lot size was 24 equity shares and in multiples of 24 equity shares thereafter. Oswal Pumps IPO subscription status was 34.42 times by the end of the bidding period. The allocation for Qualified Institutional Buyers (QIBs) saw a subscription rate of 88.08 times, while the non-institutional investors' category was subscribed 36.70 times. Retail Individual Investors (RIIs) experienced a subscription rate of 3.60 times. Half of the total issue size has been allocated for qualified institutional buyers, 35% for retail investors, and the remaining 15% for non-institutional buyers. Oswal Pumps started its journey in 2003, initially producing low-speed monoblock pumps, and has since broadened its scope to include the production of grid-connected submersible pumps and electric motors. The company produces both solar-powered and grid-connected submersible and monoblock pumps, as well as electric motors, which include induction and submersible varieties, in addition to solar modules, all marketed under the 'Oswal' brand. Oswal Pumps IPO GMP today is +41. This indicates Oswal Pumps share price was trading at a premium of ₹ 41 in the grey market, according to Considering the upper end of the IPO price band and the current premium in the grey market, the estimated listing price of Oswal Pumps share price is indicated at ₹ 655 apiece, which is 6.68% higher than the IPO price of ₹ 614. 'Grey market premium' indicates investors' readiness to pay more than the issue price. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
