Kroger, the well-known retailer, has announced that its gross fuel margins for the fiscal third quarter have risen by an impressive 14% compared to the same period last year. During this quarter, the company achieved a fuel margin of 57 cents per gallon, up from 50 cents per gallon in the previous year. The fiscal third quarter for Kroger concluded on November 4th.
In terms of average retail gasoline prices, Kroger's report shows a decrease from the previous year. The average price for retail gasoline this year was $3.77 per gallon, whereas it was $3.84 per gallon last year.
During an analyst call, representatives from Kroger stated that this increase in margin was due to improvements in fuel delivery and procurement efficiencies. The company did not provide further details on these developments.
Furthermore, Kroger highlighted the success of its fuel rewards program. The program allowed customers to save 14% more rewards per purchase than the previous year. As a result, Kroger's sales volumes surpassed industry standards. However, no additional information regarding this program was disclosed.
In addition to these achievements, Kroger executives informed analysts that the company has successfully met all the requirements set forth by the Federal Trade Commission. Subsequently, they anticipate the completion of their merger with Albertsons Cos. Inc. in 2024.
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