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KROGER CO. (THE)

(KR)
  Report
Delayed Nyse  -  04:00 2022-11-30 pm EST
49.19 USD   -0.32%
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Kroger workers survey reveals economic hardship, food insecurity

01/11/2022 | 01:53pm EST

Nearly two-thirds of Kroger workers do not make enough money to pay for basic expenses every month, and some experience food insecurity, according to a survey of the company's retail workers in three states released Tuesday.

The survey conducted by the Economic Roundtable is the largest-ever independent survey of retail workers in the United States, according to the organization, a nonprofit research group. It was requested by four United Food and Commercial Workers unions.

Kroger is the largest grocery chain in the United States, including King Sooper's, Fred Meyer and QFC.

Three regions with 36,795 hourly Kroger workers were surveyed: The Puget Sound region of Washington state, the state of Colorado, and Southern California. Completed surveys were received from 10,287 workers, representing a 28% response rate.

Among the workers who reported being unable to afford necessities, 44% were unable to pay rent, and 39% said they wee unable to pay for groceries. Fourteen percent of respondents reported being homeless now or during the past year.

Kroger "falls short in using its abundant food resources to meet the essential needs of its front-line employees," the Economic Roundtable said.

Seventy-three percent of Kroger workers said they are not fairly compensated based on their experience and the work that they do.

Kroger's annual revenue rose 8% in 2021, to $132 billion, BuzzFeed news reported, with senior executives paid $5 million or more each in 2020. CEO Rodney McMullen earned $22 million.

Meanwhile, negotiations over wages between Kroger/King's Snoopers and a union representing the company's workers in Colorado have stalled and could lead to a strike beginning Wednesday.

As of Jan. 1, the minimum wage in Colorado was raised to $12.56 from $12.32.

Copyright 2022 United Press International, Inc. (UPI). Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent., source US Top News

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Analyst Recommendations on KROGER CO. (THE)
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Financials (USD)
Sales 2023 148 B - -
Net income 2023 2 637 M - -
Net Debt 2023 11 349 M - -
P/E ratio 2023 13,5x
Yield 2023 1,96%
Capitalization 35 211 M 35 211 M -
EV / Sales 2023 0,31x
EV / Sales 2024 0,30x
Nbr of Employees 420 000
Free-Float 37,1%
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Mean consensus OUTPERFORM
Number of Analysts 21
Last Close Price 49,35 $
Average target price 53,74 $
Spread / Average Target 8,89%
EPS Revisions
Managers and Directors
W. Rodney McMullen Vice President-Planning & Capital Management
Gary Millerchip Chief Financial Officer & Senior Vice President
Yael Cosset Chief Digital Officer & Global Vice President
Stephanie Jenkins Vice President-Strategic Technology & Digital
Clyde R. Moore Independent Director
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