Kroger and Albertsons Cos. announced a USD1.9bn agreement to sell 413 stores, eight distribution centers, two offices, and five private brands to C&S Wholesale Grocers.
The asset transaction, which includes buildings and stores in 17 states and the District of Columbia, represents divestitures to aid Kroger and Albertsons in obtaining regulatory permission for their intended USD24.6bn merger.
The Kroger Co. reported lower net sales and a similar increase in sales for the second quarter of fiscal 2023, with the bottom line being negatively impacted by a USD1.4bn nationwide settlement for the overprescription of opioid medicines.
Kroger reported net sales of USD33.85bn for the three months that ended on August 12, a 2.3% decrease from USD34.64bn in the same period last year. The rise in the fiscal 2022 quarter was 9.3% in addition to that. According to the Cincinnati-based grocery and medicine retailer, sales increased 1.1% over the previous year when gasoline was excluded.
Find out more at: https://www.kroger.com/