Kroger’s amazing streak is over

The streak is over. On Thursday, The Kroger Co. reported its fourth-quarter and annual earnings, including a decline of 0.7 percent in same-store growth (excluding gas), which ended more than a 13-year streak or 52 quarters of same-store quarterly growth.

Still, the Cincinnati-based supermarket chain reported a $506 million profit on $27.6 billion in revenue, beating Wall Street’s estimates.

For the year, Kroger reported net earnings of $2.05 per diluted share and same-store sales growth of 1 percent.

"In 2016, Kroger grew market share, increased tonnage, and hired more than 12,000 new store associates. For 2017 and beyond, we will continue delivering for our customers while also setting the company up for our next phase of growth and customer-first innovation,” said Chairman and CEO Rodney McMullen in a statement.

Total sales increased 5.5 percent to $27.6 billion in the fourth quarter compared to $26.2 billion for the same period last year. Recent mergers with Roundy's and ModernHEALTH contributed to this growth.

Net earnings for 2016 totaled $1.98 billion, or $2.05 per diluted share. Total sales increased 5 percent to $115.3 billion in 2016 compared to $109.8 billion in 2015.

Kroger anticipates identical supermarket sales, excluding fuel, to range from flat to 1 percent growth for 2017.