Its operating profit was $820 million, up from $559 million in 2019. Its adjusted FIFO operating profit of $894 million rose 43% compared to the previous year.
In a statement, The company’s Chairman and CEO Rodney McMullen said, “We delivered extremely strong results in the second quarter and expect to deliver consistently attractive total shareholder returns. We are more certain than ever that the strategic choices and investments…have positioned Kroger to meet the moment, especially as customers are rediscovering their passion for food at home.”
The coronavirus pandemic has produced uneven results across the U.S. economy. While hospitality and leisure as well as the airline industry has watched profits massively decline, grocers and food-makers have experienced an increase in profits.
Grocers are profiting as Americans are cooking more at home
From March 7 to March 14, online grocery sales increased by roughly 60%, pointing to the fact that Americans are staying in and cooking more.
