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QUARTERLY DATA (UNAUDITED)

12 Months Ended

Jan. 30, 2021

20. QUARTERLY DATA (UNAUDITED)

The two tables that follow reflect the unaudited results of operations for 2020 and 2019.


	Quarter
	First		Second		Third		Fourth		Total Year
2020	(16 Weeks)			(12 Weeks)		(12 Weeks)		(12 Weeks)		(52 Weeks)
Sales	$	41,549	$	30,489	$	29,723	$	30,737	$	132,498

Operating Expenses
Merchandise costs, including advertising, warehousing, and transportation, excluding items shown separately below		31,454		23,551		22,901		23,691		101,597
Operating, general and administrative		7,671		5,297		5,194		6,338		24,500
Rent		273		204		205		192		874
Depreciation and amortization		825		617		631		674		2,747

Operating profit (loss)		1,326		820		792		(158)		2,780

Other income (expense)
Interest expense		(174)		(135)		(129)		(106)		(544)
Non-service component of company sponsored pension plan costs		11		8		9		1		29
Gain on investments		422		368		162		153		1,105

Net earnings (loss) before income tax expense		1,585		1,061		834		(110)		3,370

Income tax expense (benefit)		373		241		202		(34)		782

Net earnings (loss) including noncontrolling interests		1,212		820		632		(76)		2,588
Net income attributable to noncontrolling interests		—		1		1		1		3

Net earnings (loss) attributable to The Kroger Co.	$	1,212	$	819	$	631	$	(77)	$	2,585

Net earnings (loss) attributable to The Kroger Co. per basic common share	$	1.53	$	1.04	$	0.81	$	(0.10)	$	3.31

Average number of shares used in basic calculation		780		777		772		761		773

Net earnings (loss) attributable to The Kroger Co. per diluted common share	$	1.52	$	1.03	$	0.80	$	(0.10)	$	3.27

Average number of shares used in diluted calculation		788		786		780		761		781

Dividends declared per common share	$	0.16	$	0.18	$	0.18	$	0.18	$	0.70

Annual amounts may not sum due to rounding.

Net earnings for the first quarter of 2020 include charges to OG&A of $60, $44 net of tax, for the revaluation of Home Chef contingent consideration and $38, $28 net of tax, for transformation costs and gains in other income (expense) of $422, $312 net of tax, for the gain on investments.

Net earnings for the second quarter of 2020 include charges to OG&A of $25, $19 net of tax, for the revaluation of Home Chef contingent consideration and $29, $21 net of tax, for transformation costs and a gain in other income (expense) of $368, $278 net of tax, for the gain on investments.

Net earnings for the third quarter of 2020 include charges to OG&A of $24, $17 net of tax, for the revaluation of Home Chef contingent consideration and $33, $24 net of tax, for transformation costs and a gain in other income (expense) of $162, $115 net of tax, for the gain on investments.

Net earnings for the fourth quarter of 2020 include charges to OG&A of $989, $754 net of tax, for commitments to certain multi-employer pension funds, $80, $61 net of tax, for the revaluation of Home Chef contingent consideration and $11, $8 net of tax, for transformation costs and a gain in other income (expense) of $153, $116 net of tax, for the gain on investments.


	Quarter
	First		Second		Third		Fourth		Total Year
2019	(16 Weeks)		(12 Weeks)		(12 Weeks)		(12 Weeks)		(52 Weeks)
Sales	$	37,251	$	28,168	$	27,974	$	28,893	$	122,286

Operating Expenses
Merchandise costs, including advertising, warehousing, and transportation, excluding items shown separately below		28,983		22,007		21,798		22,507		95,294
Operating, general and administrative		6,314		4,811		5,097		4,985		21,208
Rent		274		200		201		209		884
Depreciation and amortization		779		591		624		655		2,649

Operating profit		901		559		254		537		2,251

Other income (expense)
Interest expense		(197)		(130)		(137)		(140)		(603)
Non-service component of company sponsored pension plan costs		3		(4)		(1)		2		—
Gain (loss) on investments		106		(45)		106		(9)		157
Gain on sale of business		176		—		—		—		176

Net earnings before income tax expense		989		380		222		390		1,981

Income tax expense		226		93		79		71		469

Net earnings including noncontrolling interests		763		287		143		319		1,512
Net loss attributable to noncontrolling interests		(9)		(10)		(120)		(8)		(147)

Net earnings attributable to The Kroger Co.	$	772	$	297	$	263	$	327	$	1,659

Net earnings attributable to The Kroger Co. per basic common share	$	0.96	$	0.37	$	0.32	$	0.40	$	2.05

Average number of shares used in basic calculation		798		800		802		797		799

Net earnings attributable to The Kroger Co. per diluted common share	$	0.95	$	0.37	$	0.32	$	0.40	$	2.04

Average number of shares used in diluted calculation		805		805		807		804		805

Dividends declared per common share	$	0.14	$	0.16	$	0.16	$	0.16	$	0.62

Annual amounts may not sum due to rounding.

Net earnings for the first quarter of 2019 include charges to OG&A expenses of $59, $44 net of tax, for obligations related to withdrawal liabilities for certain local unions of the Central States multi-employer pension fund and a reduction to OG&A of $24, $18 net of tax, for the revaluation of Home Chef contingent consideration and gains in other income of $106, $80 net of tax, related to the sale of Turkey Hill Dairy, $70, $52 net of tax, related to the sale of You Technology and $106, $80 net of tax, for the mark to market gain on Ocado.

Net earnings for the second quarter of 2019 include charges to OG&A of $27, $22 net of tax, for obligations related to withdrawal liabilities for a certain multi-employer pension fund and $2, $2 net of tax, for the revaluation of Home Chef contingent consideration, and a charge in other income (expense) of $45, $36 net of tax, for the mark to market loss on Ocado securities.

Net earnings for the third quarter of 2019 include a charge to OG&A of $45, $35 net of tax, for obligations related to withdrawal liabilities for a certain multi-employer pension fund, $80, $61 net of tax, for a severance charge and related benefits, $238 including $131 attributable to the Kroger Co., $100 net of tax, for impairment of Lucky’s Market and $4, $3 net of tax, for the revaluation of Home Chef contingent consideration and gain in other income of $106, $81 net of tax, for the mark to market gain on Ocado securities.

Net earnings for the fourth quarter of 2019 include charges to OG&A of $4, $3 net of tax, for obligations related to withdrawal liabilities for certain multi-employer pension funds, $174, $125 net of tax, for deconsolidation and impairment of Lucky’s Market, $52, $37 net of tax, for transformation costs, primarily including 35 planned store closures and a reduction to OG&A of $51, $36 net of tax, for the revaluation of Home Chef contingent consideration and a loss in other income (expense) of $9, $6 net of tax, for the mark to market loss on Ocado securities.