Kroger Co

NYSE:KRUnited States

Nov 25, 2024

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• DJ Kroger Is Maintained at Buy by Guggenheim, from 11:46AM ET on Monday Nov 25, 2024 by Dow Jones

  11:46AM ET on Monday Nov 25, 2024 by Dow Jones
  Companies Mentioned: KR
  
  Ratings actions from Benzinga: https://www.benzinga.com/quote/KR/analyst-ratings
  
  (END) Dow Jones Newswires
  
  November 25, 2024 11:46 ET (16:46 GMT)
  

• *DJ Kroger's Chief Merchandising and Marketing Officer Stuart Aitken to Join Circana as CEO, from 11:00AM ET on Monday Nov 25, 2024 by Dow Jones

  11:00AM ET on Monday Nov 25, 2024 by Dow Jones
  Companies Mentioned: KR
  By Sabela Ojea Kroger's chief merchandising and marketing officer Stuart Aitken is stepping into the role of chief executive at market research firm Circana to lean into his AI roots. "It was tough to leave Kroger, but this goes back to my roots in AI and technology," Aitken said in an interview Monday. "For me, this is an opportunity to go back to what I love and participate in a massive growth opportunity, especially in the world of AI." Overall, Aitken aims to help retailers and consumer-goods companies to better understand and forecast consumer behavior by leveraging AI not just six months or 12 months out, but two to three years in advance. "Data is often referred to as the new oil, and for me that is never more true than today, especially in the world of AI," the executive said. Aitken will take over Circana's top job on Jan. 1, succeeding Kirk Perry, who will remain on the board, Circana said. "When I shared that with Rodney [Kroger's longtime CEO Rodney McMullen] he understood and he was excited for me, but he did ask that I stay through the end of the calendar year to support him in that way." Circana's CEO Perry has been at the helm of the profitable company since its inception in 2022 following the merger of Information Resources, or IRI, and The NPD Group. Circana provides advisory services across a wide range of consumer-related industries, including food and beverage, tobacco, retail and beauty. Aitken departs Kroger at a time when the grocery chain, one of the largest in the U.S., is expanding its assortment of products to adapt to changing consumer trends and better compete with rivals like Walmart, Costco Wholesale and Target. "When consumers have money to spend they're willing to spend it on great value, and we see that at Kroger's, and Circana certainly sees that across the board," Aitken said. "Kroger is certainly winning in that space right now." Overall, Kroger has been growing its offering of fresh foods and portfolio of brands as budget-conscious consumers remain mindful about their shopping decisions. From January to September, Kroger launched 600 new products. Kroger announced Aitken's exit last Friday, about two weeks before the company reports its fiscal third-quarter results. In the August quarter, Kroger swung to a profit and reported slightly higher sales, reaching $33.91 billion. "We're expecting a strong holiday season, there's no doubt," Aitken said. Kroger, with a market value of around $43 billion, is seeking federal approval for its $20 billion merger with rival Albertsons after the Federal Trade Commission sued to block the tie-up, saying it would lead to higher food prices and harm bargaining power of union workers. Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix (END) Dow Jones Newswires November 25, 2024 11:03 ET (16:03 GMT)

• Kroger Announces Extension of Exchange Offers and Consent Solicitations for Albertsons Companies, Inc. Notes, from 8:30AM ET on Monday Nov 25, 2024 by PR Newswire

  8:30AM ET on Monday Nov 25, 2024 by PR Newswire
  Companies Mentioned: KR, ACI

  TheKroger Co. (NYSE:KR) (the "Company" or "Kroger") announced today that it has extended the expiration date of the previously announced offers to exchange (the "Exchange Offers") any and all outstanding notes (the "ACI Notes") of Albertsons Companies, Inc. (NYSE:ACI) ("ACI"), New Albertsons, L.P., Safeway Inc., Albertson's LLC, Albertsons Safeway LLC and American Stores Company, LLC, as applicable, for up to $7,441,608,000 aggregate principal amount of new notes to be issued by the Company (the "Kroger Notes") and cash. Additionally, Kroger announced today that it has extended the expiration date for the related solicitations of consents (collectively, the "Consent Solicitations") to adopt certain proposed amendments (the "Proposed Amendments") to the indentures (collectively, the "ACI Indentures") governing the ACI Notes, solely with respect to the Unconsented Series (as defined in the Company's press release issued on September 11, 2024). The Company hereby extends such expiration date from 5:00 p.m. New York City time on November 26, 2024 to 5:00 p.m. New York City time on December 3, 2024 (as the same may be further extended, the "Expiration Date").