Kroger Q2 adj EPS $0.96, $1.4B opioid charge, $1.9B C&S divestiture

KROGER CO

Q2 sales $33.9B (-2% YoY); ID sales +1.0%; operating loss ($479M) incl $1.4B opioid charge; adj EPS $0.96 vs $0.90 last year.
Opioid settlement: up to $1.2B to states/subdivisions, $36M to tribes over 11 yrs, $177M fees; after-tax NPV ~$870M; charge in Q2.
Divestiture: definitive agreement with C&S for 413 stores, 8 DCs, 2 offices, 5 private labels; $1.9B cash; option for up to 237 more stores.
FY2023 guidance reaffirmed: adj EPS $4.45-$4.60, adj FIFO operating profit $5.0-$5.2B, capex $3.4-$3.6B.
Net total debt to adj EBITDA ratio 1.31 (target 2.30-2.50); merger on track for early 2024 subject to FTC clearance.

item 2.02 item 7.01 item 8.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

KROGER CO reported second quarter 2023 results: revenue $33.9 billion, EPS $(0.25). Guidance reaffirmed.

Period: second quarter 2023
Revenue: $33.9 billion
EPS: $(0.25)
Guidance: reaffirmed
Result: reported results

Exact text from the filing

on operating profit was slightly positive. ** Includes a $1.4 billion ($1.54 loss per share) charge related to nationwide opioid settlement framework. Total company sales were $33.9 billion in the second quarter, compared to $34.6 billion for the same period last year. Excluding fuel, sales increased 1.1% compared to the same period last year. Gross margin was 21.8%

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Source: SEC EDGAR

accession 0001104659-23-099123

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