Kroger’s Year-to-Date Earnings Double While Pushing for Merger That Will Raise Food Prices

Today, Kroger reported $466 million in Q2 2024 earnings, with year-to-date earnings of $1.4 billion nearly doubling from 2023—sky-high totals that coincide with criticism that some grocery retailers continue to use inflation as an excuse to pad profits. The Federal Trade Commission (FTC) is currently fighting to block Kroger’s proposed merger with grocery giant Albertsons, a deal that could cost $334 million in wages for nearly a million grocery workers, open the door for more price increases, and reduce grocery access across the country.

"The Biden-Harris administration is putting American families first by challenging the ill-advised merger between Kroger and Albertsons. Corporate price gouging has cost consumers enough, yet Kroger wants to make matters worse by cornering the market to maximize profits. Make no mistake: If the merger goes through, it will leave many families worse off with higher prices and fewer store locations.” —Accountable.US Liz Zelnick

The Consumer Financial Protection Bureau (CFPB) recently found that Kroger—along with Dollar General and Dollar Tree/Family Dollar—has charged Americans over $90 million in junk fees annually “just to access their own money” via cash back transactions. In response, government watchdog Accountable.US called into question Kroger’s reliability when “they’ve proven they’ll take advantage of their customers to bolster their profits.”

MORE ON KROGER FROM ACCOUNTABLE.US

• Biden-Harris Admin Call Out Cash-Back Junk Fees
• Kroger Splurges on Handouts for Wealthy Shareholders While Regulators Question Merger
• The Price of Greed: How Corporate Price Gouging is Squeezing American Families