Kroger on Friday said that the inflationary pressures prompting more people to shop in its stores and then cook and eat at home has been good for its bottom line - Q2 profit was $731 million, up from $467 million during the same period a year ago.
Same-store sales were up 5.8 percent; e-commerce sales were up eight percent.
Total company sales were $34.6 billion in the second quarter, compared to $31.7 billion for the same period last year.
CFO Gary Millerchip said in a prepared statement that "our second quarter results provide another proof point that Kroger has the right go-to-market strategy. Our consistent execution of this strategy is building momentum in our business which, combined with sustained food at home trends, gives us the confidence to raise our full-year guidance … Our business model has proven to be resilient in a variety of operating and economic environments and we remain confident in our ability to deliver attractive and sustainable total shareholder returns of 8-11% over time."