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Am hearing
Posted on: August 28, 2024 at 12:53:50 CT
Ace AU
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A top corporate executive from Kroger admitted in court yesterday to raising prices on eggs, milk, and other staples, well above the rate of inflation. The testimony related to a blockade of the merger between Kroger and Albertsons.
Corporate greed, right?
Kroger's total sales surged 8.4% to $132.5 billion in pandemic-ravaged 2020 – tallying extra receipts to add the equivalent of nearly two Fortune 500 companies to its total revenues.
The Cincinnati-based grocer also posted a $2.6 billion profit for the year, a 5.6% increase. A key sales metric, identical sales without fuel, increased 14.1% in 2020.
Kroger's growth was propelled by an epic shift of customers' food consumption habits amid the COVID-19 pandemic: nearly $1 of every $4 that Americans used to spend going out to eat has shifted away to food consumed at home – so that's $162 billion extra mostly going into supermarket coffers, according to the U.S. Department of Agriculture. In early 2020, Americans were spending 49 cents of their food dollars at grocery stores, they are now spending about 56 cents.
Edited by Ace at 13:23:52 on 08/28/24
Corporate greed, right?
Kroger's total sales surged 8.4% to $132.5 billion in pandemic-ravaged 2020 – tallying extra receipts to add the equivalent of nearly two Fortune 500 companies to its total revenues.
The Cincinnati-based grocer also posted a $2.6 billion profit for the year, a 5.6% increase. A key sales metric, identical sales without fuel, increased 14.1% in 2020.
Kroger's growth was propelled by an epic shift of customers' food consumption habits amid the COVID-19 pandemic: nearly $1 of every $4 that Americans used to spend going out to eat has shifted away to food consumed at home – so that's $162 billion extra mostly going into supermarket coffers, according to the U.S. Department of Agriculture. In early 2020, Americans were spending 49 cents of their food dollars at grocery stores, they are now spending about 56 cents.
Edited by Ace at 13:23:52 on 08/28/24
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Am hearing - Ace A - 8/28 12:53:50
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