As one of the biggest corporate price gouging villains, Kroger increased grocery prices by 3.5 percent in 2021. Meanwhile, the grocery store made $1.7 billion in profits and paid its CEO $18 million that year.
Kroger’s CEO told investors “a little bit of inflation is always good in our business,” then announced price hikes. After “passing along higher cost to the customer,” the company saw its third quarter 2021 operating profit increase by $76 million over the prior year — contributing to a staggering $1 billion spent on buying back company stock in 2021.
As grocery prices increased 6.5%, the country’s largest grocery chains — Walmart, Kroger, and Costco — saw their fiscal year net incomes increase by a total of $238 million and increased stock buybacks and dividends by over $12 billion.
Workers across the country, including employees at 80 Kroger-owned stores, are organizing for higher wages and safe, secure working conditions while corporate executives and shareholders rake in profits.