$1.19
Adjusted Net Earnings Per Diluted Share in Q1 2021
First quarter net earnings were $140 million, or $0.18 per diluted share. Adjusted net
earnings were $918 million, or $1.91 per diluted share. Identical sales, without fuel,
decreased 4.1%. On a two-year stack basis, identical sales, without fuel, increased
14.9%. Digital sales grew 16% during the quarter, on top of 92% growth in the first
quarter of 2020. Kroger is even better positioned to connect with our customers than we
were prior to the pandemic as a result of our relentless focus on Leading with Fresh and
Accelerating with Digital. Our strong execution delivered identical sales results in the
first quarter that exceeded our original expectations. Customers are responding to the
investments we have made in digital, as evidenced by our triple-digit growth in digital
sales since the beginning of 2019. We were disciplined in driving costs out of the
business and we achieved record growth in Kroger’s alternative profit business,
demonstrating the power and attractiveness of our long-term model.