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WASHINGTON, DC —  Today, grocery giant Kroger reported an astonishing $96 million increase in year-to-date stock buybacks and dividends to wealthy shareholders—a handout that comes as the store reports $947 million in Q1 2024 earnings, a $6 million decrease year-over-year. Today’s announcement comes as most Americans agree that corporate greed is a major cause of inflation. 

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Corporate greed continues to place an impossible burden on Americans in the checkout line. While major retailers like Target and Walmart admit their prices were too high, Kroger continues to prioritize shareholders over shoppers. If a grocery giant like Kroger is allowed to merge with Albertsons, American families will face even more hurdles in accessing food, all while being forced to pay sky-high prices.”

Accountable.US’ Liz Zelnick

In February, the Federal Trade Commission’s (FTC) filed a new lawsuit seeking to block the proposed merger between grocery giants Kroger and Albertsons, a move Accountable.US praised as a major step towards cracking down on big food industry price-gouging. 

As of 2022, 60% of grocery sales are concentrated among five food corporations, opening the door for anti-competitive industry practices and continuing greedflation. The merger has drawn bipartisan ire, with lawmakers and advocates warning that the deal could “result in the loss of $334 million in wages,” lead to further consolidation of the food retail market and lead to “fewer grocery stores and higher prices.” 

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