Kroger sets new 2029 targets, drops total shareholder return goal for EPS range

The company reaffirmed the 2026 guidance it gave at second-quarter earnings as it laid out the new framework at an investor conference.

Kroger has replaced its previous target of 8% to 11% total shareholder return, which had included dividend yield, with a new goal of 7% to 11% growth in adjusted net earnings per share through 2029. The company unveiled the framework at an investor conference held Tuesday.

Alongside the EPS target, Kroger is aiming for comparable sales growth of about 3%, excluding fuel and pharmacy, by 2029, along with adjusted EBITDA growth of 3% to 6%. Those targets exclude the pending acquisition of Giant Eagle, leaving open how much that deal could add on top of the base case. Kroger also reaffirmed the full-year 2026 guidance it gave at its second-quarter earnings.

The shift to a straightforward EPS growth range gives investors a cleaner view of operating performance, separate from dividend policy. It comes weeks after Kroger said it would cut about 3,000 corporate jobs to simplify operations, and the new EPS target suggests management expects those savings to show up in earnings rather than simply offset cost pressure elsewhere in the business.

The new framework does not directly address a separate overhang: Kroger still faces a potential $8 billion claim from Albertsons.