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Notice of 2025 Annual Meeting of Shareholders 2025 Proxy Statement and 2024 Annual Report on Form 10-K

Fellow Shareholders, A long career in the retail industry has shown me that while customers needs change, the fundamentals for running successful stores remain the same. My time as Kroger s Chairman and CEO about eight weeks as I write this has only deepened my conviction about what it takes to be a great retailer. Our strong go-to-market strategy is rooted in our strategic priorities of Fresh, Our Brands, personalization and eCommerce. We have a proven and experienced management team, including incredibly strong division leaders. And most important, our dedicated frontline associates provide customers with friendly service and exceptional value. As I spend more time with associates at all levels of our business, I am confident we have the right people to drive our continued success. Together, we are reaffirming our commitment to grow Kroger s core business, to support our associates and to strengthen our communities. Growing the core Putting the customer at the center, and streamlining our priorities are key ways we will support our continued success. It can be easy to get distracted with projects that pull focus from the basics of running excellent stores. Our teams are making decisions faster, ensuring their day-to-day work improves sales, and walking away from any projects or programs that do not provide customers with fresh products at the best prices. Our customers need access to affordable food now more than ever, and we are holding ourselves accountable to delivering for them. Because our best customers shop both in store and online, we are bringing more balance to our capital investments across brick-and-mortar stores and eCommerce. In 2024, we built more new stores and engaged in more large-scale store renovations than in the previous five years, and we will continue that momentum this year. At the same time, we have established a dedicated eCommerce business unit to better align all teams who touch the digital experience. These decisions bring us even closer to our customers and their needs, drive better accountability, and improve our understanding of how to deliver a best-in-class shopping experience. Our customers tell us they want to shop fresher, trendier foods. So, we are moving items through our supply chain faster. And the Our Brands teams continue taking a new approach to their work, introducing 900 new products in 2024 alone. When we bring those fresher, more interesting products to our shelves, more customers will shop with Kroger. A bigger customer base translates into more opportunities for alternative profit streams to grow, and as a result, we can keep bringing prices down. One thing is clear, our competition is changing faster than ever, which means we need to move faster. An outstanding grocery store has the food customers want at prices they can afford, and we are working to deliver on both. Supporting our associates Great retail businesses are built by great people. Whether in stores, distribution or manufacturing centers, fulfillment facilities or offices, we respect and appreciate our associates and will continue the historic investments Kroger has made in the past five years to grow wages and improve benefits. During my time on Kroger s board, I got to know the senior leadership team well. They always impressed me with their strategic approach, clear vision and belief in our associates. As I spend more time in our divisions and meeting more team members, I see the depth and breadth of talent our organization has. Our division teams know their communities better than anyone. Our manufacturing and Our Brands teams are experts at making great food that
customers love. Our supply chain and distribution teams move product with precision. I am confident in the strong bench of talent at Kroger and what we are capable of achieving. Strengthening communities We understand the important role a grocery store plays in a community. We offer employment opportunities that range from first jobs to career-defining roles, and we give back to those in need. With Zero Hunger | Zero Waste at the center, a Kroger in your community typically means millions more meals feeding hungry families. In fact, since 2017, the Company donated more than 3.4 billion meals to communities across the country. And when a crisis hits, Kroger aims to be among the first to help. Earlier this year, our business supported thousands of families impacted by the Los Angeles wildfires. And alongside amazing organizations like Feeding America, the USO and Red Cross, we ensure our neighbors have the fresh foods they need to thrive. Looking to the future Kroger s foundation is strong, and our company is well-positioned for continued growth. I am committed to serve as Chairman and CEO for as long as needed while our Board conducts a thorough search for Kroger s next leader. While in this role, I plan to move the company forward with an eye toward building to the future. With all of this in mind, I keep returning to one question: What does Kroger look like in eight years when we celebrate our 150th anniversary? I am proud to lead this company as we answer this vital question together. Thank you for the trust you are placing in me to lead Kroger to an even brighter future. Ronald L. Sargent Chairman and Interim CEO, The Kroger Co. Safe Harbor Statement This letter contains forward-looking statements within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995 about future performance of Kroger, including with respect to Kroger s strategic capital deployment, ability to achieve certain operational goals, as well as targets, goals, and commitments outlined in this proxy statement, or elsewhere among other statements. These statements are based on management s assumptions and beliefs in light of the information currently available to it. These statements are indicated by words such as achieve, believe, change, committed, create, continue, deliver, drive, ensure, expect, improve, plan, opportunities, well-positioned, and will, as well as similar words or phrases. These statements are subject to known and unknown risks, uncertainties and other important factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements, including the specific risk factors identified in Risk Factors in Kroger s most recent Annual Report on Form 10-K and any subsequent filings with the Securities and Exchange Commission. Kroger assumes no obligation to update the information contained herein, unless required to do so by applicable law.
Zero Hunger | Zero Waste: Community Service Award Recipients We encourage our associates to volunteer to serve our communities in ways that align with Kroger s Zero Hunger | Zero Waste impact plan. Their personal commitment and dedication to local hunger relief agencies and other nonprofit organizations helps the Company live our Purpose: to Feed the Human Spirit. These are our 2024 Community Service Award recipients: Atlanta Division Stephanie Williams Food 4 Less Larry Watson Mid-Atlantic Division Kenny Williams Central Division Anna Young Fred Meyer Division Jodie Peters Ralphs Division Toni Fortune Cincinnati-Dayton Division Teresa Frey Fry s Division Gwen Wood Roundy s Division Gene Smazal Columbus Division Terri Shepard Houston Division Cherie Diehl QFC Division Shawna Balmelli Delta Division Luke Cordova Mariano s Division Julie Walker Smith s Division Kathy Lisby Dillons Division Shawn Clark Michigan Division Crystal Lamattina
 • shareholder letter icon 5/15/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/11/2023 KR Stockholder Letter
 • stockholder letter icon 5/15/2024 KR Stockholder Letter
 • stockholder letter icon More "Department Stores" Category Stockholder Letters
 • Benford's Law Stocks icon KR Benford's Law Stock Score = 85


KR Shareholder/Stockholder Letter Transcript:

Notice of 2025 Annual Meeting of Shareholders
2025 Proxy Statement
and
2024 Annual Report on Form 10-K


Fellow Shareholders,
A long career in the retail industry has shown me that while customers    needs change, the fundamentals for running
successful stores remain the same. My time as Kroger   s Chairman and CEO     about eight weeks as I write this     has
only deepened my conviction about what it takes to be a great retailer.
Our strong go-to-market strategy is rooted in our strategic priorities of Fresh, Our Brands, personalization and
eCommerce. We have a proven and experienced management team, including incredibly strong division leaders.
And most important, our dedicated frontline associates provide customers with friendly service and exceptional
value. As I spend more time with associates at all levels of our business, I am confident we have the right people to
drive our continued success.
Together, we are reaffirming our commitment to grow Kroger   s core business, to support our associates and to
strengthen our communities.
Growing the core
Putting the customer at the center, and streamlining our priorities are key ways we will support our continued
success. It can be easy to get distracted with projects that pull focus from the basics of running excellent stores. Our
teams are making decisions faster, ensuring their day-to-day work improves sales, and walking away from any
projects or programs that do not provide customers with fresh products at the best prices. Our customers need access
to affordable food now more than ever, and we are holding ourselves accountable to delivering for them.
Because our best customers shop both in store and online, we are bringing more balance to our capital investments
across brick-and-mortar stores and eCommerce. In 2024, we built more new stores and engaged in more large-scale
store renovations than in the previous five years, and we will continue that momentum this year. At the same time,
we have established a dedicated eCommerce business unit to better align all teams who touch the digital experience.
These decisions bring us even closer to our customers and their needs, drive better accountability, and improve our
understanding of how to deliver a best-in-class shopping experience.
Our customers tell us they want to shop fresher, trendier foods. So, we are moving items through our supply chain
faster. And the Our Brands teams continue taking a new approach to their work, introducing 900 new products in
2024 alone. When we bring those fresher, more interesting products to our shelves, more customers will shop with
Kroger. A bigger customer base translates into more opportunities for alternative profit streams to grow, and as a
result, we can keep bringing prices down.
One thing is clear, our competition is changing faster than ever, which means we need to move faster. An
outstanding grocery store has the food customers want at prices they can afford, and we are working to deliver on
both.
Supporting our associates
Great retail businesses are built by great people. Whether in stores, distribution or manufacturing centers, fulfillment
facilities or offices, we respect and appreciate our associates and will continue the historic investments Kroger has
made in the past five years to grow wages and improve benefits.
During my time on Kroger   s board, I got to know the senior leadership team well. They always impressed me with
their strategic approach, clear vision and belief in our associates. As I spend more time in our divisions and meeting
more team members, I see the depth and breadth of talent our organization has. Our division teams know their
communities better than anyone. Our manufacturing and Our Brands teams are experts at making great food that

customers love. Our supply chain and distribution teams move product with precision. I am confident in the strong
bench of talent at Kroger and what we are capable of achieving.
Strengthening communities
We understand the important role a grocery store plays in a community. We offer employment opportunities that
range from first jobs to career-defining roles, and we give back to those in need. With Zero Hunger | Zero Waste at
the center, a Kroger in your community typically means millions more meals feeding hungry families. In fact, since
2017, the Company donated more than 3.4 billion meals to communities across the country.
And when a crisis hits, Kroger aims to be among the first to help. Earlier this year, our business supported thousands
of families impacted by the Los Angeles wildfires. And alongside amazing organizations like Feeding America, the
USO and Red Cross, we ensure our neighbors have the fresh foods they need to thrive.
Looking to the future
Kroger   s foundation is strong, and our company is well-positioned for continued growth. I am committed to serve as
Chairman and CEO for as long as needed while our Board conducts a thorough search for Kroger   s next leader.
While in this role, I plan to move the company forward with an eye toward building to the future.
With all of this in mind, I keep returning to one question: What does Kroger look like in eight years when we
celebrate our 150th anniversary? I am proud to lead this company as we answer this vital question together.
Thank you for the trust you are placing in me to lead Kroger to an even brighter future.
Ronald L. Sargent
Chairman and Interim CEO, The Kroger Co.
Safe Harbor Statement
This letter contains    forward-looking statements    within the meaning of the safe harbor provisions of the United
States Private Securities Litigation Reform Act of 1995 about future performance of Kroger, including with respect
to Kroger   s strategic capital deployment, ability to achieve certain operational goals, as well as targets, goals, and
commitments outlined in this proxy statement, or elsewhere among other statements. These statements are based on
management   s assumptions and beliefs in light of the information currently available to it. These statements are
indicated by words such as    achieve,       believe,       change,       committed,       create,       continue,       deliver,       drive,   
   ensure,       expect,       improve,       plan,       opportunities,       well-positioned,       and    will,    as well as similar words or
phrases. These statements are subject to known and unknown risks, uncertainties and other important factors that
could cause actual results and outcomes to differ materially from those contained in the forward-looking statements,
including the specific risk factors identified in    Risk Factors    in Kroger   s most recent Annual Report on Form 10-K
and any subsequent filings with the Securities and Exchange Commission. Kroger assumes no obligation to update
the information contained herein, unless required to do so by applicable law.

Zero Hunger | Zero Waste: Community Service Award Recipients
We encourage our associates to volunteer to serve our communities in ways that align with Kroger   s Zero
Hunger | Zero Waste impact plan. Their personal commitment and dedication to local hunger relief agencies and
other nonprofit organizations helps the Company live our Purpose: to Feed the Human Spirit. These are our 2024
Community Service Award recipients:
Atlanta Division
Stephanie Williams
Food 4 Less
Larry Watson
Mid-Atlantic Division
Kenny Williams
Central Division
Anna Young
Fred Meyer Division
Jodie Peters
Ralphs Division
Toni Fortune
Cincinnati-Dayton Division
Teresa Frey
Fry   s Division
Gwen Wood
Roundy   s Division
Gene Smazal
Columbus Division
Terri Shepard
Houston Division
Cherie Diehl
QFC Division
Shawna Balmelli
Delta Division
Luke Cordova
Mariano   s Division
Julie Walker
Smith   s Division
Kathy Lisby
Dillons Division
Shawn Clark
Michigan Division
Crystal Lamattina



shareholder letter icon 5/15/2025 Letter Continued (Full PDF)
 

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