Kroger Stock Price, News & Analysis

Kroger (NYSE: KR) has finalized the sale of its specialty pharmacy business to Elevance Health, as announced on October 4, 2024. The transaction, initially agreed upon on March 18, 2024, has been completed with efforts to minimize disruptions for patients and associates. Kroger's in-store retail pharmacies and The Little Clinics were not part of this deal.

The specialty pharmacy, which caters to patients with chronic illnesses requiring complex care, is now under Elevance Health's ownership. Notably, this sale is not expected to affect Kroger's 2024 financial guidance. RBC Capital Markets, served as the financial advisor, while Weil, Gotshal & Manges LLP and Arnold & Porter Kaye Scholer LLP provided legal counsel to Kroger for this transaction.

Kroger has announced support for disaster relief efforts in the aftermath of Hurricane Helene. The company is facilitating customer donations through round-up purchases and checkout donations at Harris Teeter locations and Kroger stores in Atlanta and Nashville divisions. These donations, along with a matching grant from the Kroger Co. Foundation, will benefit the American Red Cross.

Kroger is also distributing truckloads of water and ice to affected communities and plans to continue this effort. The company supports the United Service Organizations (USO) and sponsors USO | Kroger Mobile Canteens to aid National Guard members involved in disaster relief. Additionally, Kroger will provide gift cards to the USO and has redirected product donations from the cancelled Kroger Wellness Festival to hurricane relief efforts.

Kroger (NYSE:KR) has extended the expiration date for its exchange offers and consent solicitations related to Albertsons Companies, Inc. (NYSE:ACI) notes. The new deadline is 5:00 p.m. New York City time on October 9, 2024. This extension applies to the exchange of up to $7,441,608,000 aggregate principal amount of ACI Notes for new Kroger Notes and cash.

The exchange offers and consent solicitations are conditional upon the closing of the merger between Kroger and ACI, expected in the fourth quarter of 2024. Settlement is anticipated shortly after the expiration date and merger closing. Kroger may further extend the deadline if necessary.

The exchange offers remain subject to the terms outlined in the August 15, 2024 confidential offering memorandum. Eligible holders of ACI Notes can obtain documents by completing an eligibility certificate. The Kroger Notes offered have not been registered under the Securities Act of 1933 and may not be offered or sold in the US without registration or an applicable exemption.

Kroger (NYSE:KR) has extended the expiration date for its exchange offers and consent solicitations related to Albertsons Companies, Inc. (NYSE:ACI) notes. The new expiration date is October 3, 2024, at 5:00 p.m. New York City time. This extension applies to the exchange of up to $7,441,608,000 aggregate principal amount of ACI Notes for new Kroger Notes and cash. The exchange offers and consent solicitations are conditioned upon the closing of the merger between Kroger and ACI, expected in the fourth quarter of 2024. Settlement is anticipated shortly after the expiration date and merger closing. The exchange offers allow for valid withdrawals until the expiration date, while the consent solicitations do not. Kroger notes offered in the exchange have not been registered under the Securities Act of 1933.

Kroger announced its Customer Appreciation Week, running from September 25 to October 1, 2024. This mega-sales event offers customers hot deals and digital coupons across various product categories. Highlights include:

- Kroger Brand® Orange Juice: two for $5 with card
- Kroger Brand® Pasta Sauce and Pasta: 99 cents each with card
- Coca-Cola, Pepsi, or 7UP: buy two, get two free with card
- Starbucks Coffee: buy one, get one free with card

Boost by Kroger Plus members can enjoy exclusive offers, including Kroger Brand® Flour and Smart Way™ Sugar for 99 cents each with a digital coupon. The event aims to show appreciation for customers' trust and loyalty. Shoppers can access these deals in-store or through Kroger Pickup and Delivery services.

Home Chef, a leading meal solutions company, is partnering with Kids Eat in Color's Jennifer Anderson, MSPH, RDN, to offer a -time menu of wholesome, family-friendly meals. This collaboration brings dietitian-approved, kid-tested recipes with pre-portioned ingredients delivered to customers' doors. The menu features creative, colorful recipes designed for kids' enjoyment, ease, and nourishment.

The partnership aims to make mealtime easier and more enjoyable for busy families. Home Chef will donate $1 for each Kids Eat in Color recipe ordered to Feeding America®'s efforts to help end hunger, up to $10,000. The menu is available to order now through October 18, with two dietitian-created meals featured per week for four weeks on Home Chef's Family Menu.

Kroger (NYSE:KR) has extended the expiration date for its exchange offers and consent solicitations related to Albertsons Companies, Inc. (NYSE:ACI) notes. The new expiration date is September 27, 2024, at 5:00 p.m. New York City time. This extension applies to the exchange of up to $7,441,608,000 aggregate principal amount of ACI Notes for new Kroger Notes and cash.

The exchange offers and consent solicitations are conditional upon the closing of the merger between Kroger and ACI, expected in the fourth quarter of 2024. Settlement is anticipated shortly after the expiration date and merger closing. Kroger may further extend the expiration date if necessary.

The exchange offers remain subject to the terms outlined in the August 15, 2024 confidential offering memorandum. Eligible holders of ACI Notes can obtain documents by completing an eligibility certificate.

The Kroger Co. (NYSE: KR) has announced a quarterly dividend of 32 cents per share, payable on December 1, 2024, to shareholders of record as of November 15, 2024. This decision was made by Kroger's Board of Directors on September 19, 2024. The company's quarterly dividend has shown impressive growth, with a 13.5% compounded annual growth rate since its reinstatement in 2006. Kroger expects to continue increasing dividends over time, subject to board approval.

Kroger's capital allocation strategy focuses on using free cash flow to invest in business growth, maintain its investment grade debt rating, and return capital to shareholders. The company aims to balance these goals effectively.

Kroger has announced its annual Hunger Action Month campaign for September 2024, directing all funds raised in Kroger Family of Stores to the Feeding America network of food banks. Customers can round up their purchases to the nearest dollar to help fight hunger. Since 2017, Kroger has provided over 3.4 billion meals and aims to donate 10 billion meals by 2030.

Kroger has donated $3 million to Feeding America this year and raised nearly $600,000 during last year's Hunger Action Month. The company is also supporting local initiatives across its divisions, including peanut butter drives and school supply programs. Kroger's Zero Hunger | Zero Waste Foundation has provided $1.5 billion for hunger relief since 2017, including nearly 700 million pounds of surplus fresh food donations.