The Kroger Co. (KR) Bank of America 2023 Consumer & Retail Conference (Transcript)

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The Kroger Co. (NYSE:KR) Bank of America 2023 Consumer & Retail Conference Call March 15, 2023 1:00 PM ET

Company Participants

Rodney McMullen – Chairman and Chief Executive Officer

Rob Quast – Investor Relations

Conference Call Participants

Robby Ohmes – Bank of America Securities

Kendall Toscano – Bank of America Securities

Robby Ohmes

I am Robby Ohmes from BofA Securities. Kendall Toscano and I are just very pleased to have Rodney McMullen, Chairman and CEO of Kroger here with us today. Rob Quast is here as well, Senior Director of IR. Rodney joined Kroger in 1978 as a part-time stock clerk. I think that came up when you were in front of the Senate. He served in just so many different roles at Kroger I decided not to list them. Rodney has been…

Rodney McMullen

I appreciate that.

Robby Ohmes

You have been extremely busy. You have been successfully leading Kroger during this very dynamic time while also navigating a pending acquisition with Albertsons. So we really appreciate you making time for us today. It’s really great that you are doing that for us.

Question-and-Answer Session

Q – Robby Ohmes

So I am going to kick it off with maybe a general business question.

Rodney McMullen

Sure.

Robby Ohmes

Maybe just everybody wants to know, the U.S. consumer. What are Kroger’s customers feeling in this environment? I think you have highlighted higher income households, but maybe walk us through most recently what you are seeing from customers.

Rodney McMullen

Yes. Sure, Robby and thanks for the invite and Kendall, good seeing you. The – if you look at the customer, it’s a little more than even had been in terms of some customers are really under a lot of strain. And when you look at on a budget, when you talk to them and ask them, they are making significant