The Kroger Co. (NYSE: KR) today reported its fourth-quarter 2024 results.
Total company sales were $34.3 billion in the fourth quarter compared to $37.1 billion for the same period last year, including $2.7 billion from the 53rd week in 2023 and $737 million from Kroger Specialty Pharmacy sales. Excluding fuel, Kroger Specialty Pharmacy and the 53rd week in 2023, sales increased 2.6% compared to the same period last year.
The LIFO charge for the quarter was $30 million, compared to a LIFO credit of $18 million for the same period last year.
The Operating, General and Administrative rate, excluding fuel, adjustment items and the 53rd week in 2023, increased 16 basis points compared to the same period last year. The increase in rate, was primarily attributable to the sale of Kroger Specialty Pharmacy, increased incentive plan costs, and investment in associate wages, partially offset by the continued execution of cost savings initiatives.
Said CEO Ron Sargent, "I am excited to join this talented and experienced management team in my role as interim CEO. I am committed to ensuring that we execute with speed and that our teams continue to advance our go-to-market strategy to deliver for our customers, associates, communities, and shareholders.”
KR shares began Thursday up $3.01, or 4.8%, to $65.54.
