Kroger has shared its Q1 2022 financial results, showing an increase in sales and profit from last year. The company also detailed plans to launch its Boost membership program nationally over the next few weeks.
First covered by Store Brands’ sister publication Progressive Grocer, same-store sales without fuel increased 4.1% at Kroger in Q1. Fresh department comps increased 5.2% and Our Brands comps increased 6.3%. Digitally engaged households grew by more than half a million, and digital coupon downloads increased 11%.
Total company sales during the first quarter were $44.6 billion, compared to $41.3 billion for the same period last year. Excluding fuel, sales increased 3.8% compared to the same period last year. Profit was $664 million, or 90 cents a share, up from $140 million, or 18 cents a share in Q1 of 2021.
"Our team is doing an outstanding job managing costs in an inflationary environment, which is allowing us to continue to invest in our associates while providing our customers the freshest food at affordable prices when and where they need it. We are delivering everyday value through personalized experiences, trusted Our Brands products, data-driven promotions, and seamless e-commerce solutions," said CEO Rodney McMullen. "Looking ahead, we are well positioned to continue delivering for our customers, investing in our associates, and driving sustainable returns for shareholders."