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December 12, 2015

クローガー、一人勝ちか、投資家も評価!

Kroger Will Save The Grocery Store:
・Bloomberg Business:12/3
・http://www.bloomberg.com/gadfly/articles/2015-12-03/kroger-earnings-the-chain-quietly-gains-on-walmart-whole-foods

記事抜粋:
・Retail is in the doldrums. Grocery chains are filing for bankruptcy. Former industry darlings like Whole Foods are struggling to boost sales. Amazon is making a big bet on online grocery delivery. Drugstore chains are selling boatloads of food. And for the first time ever, more people are eating out at restaurants than making food at home.
・Sound like a recipe for disaster? Not for Kroger, the grocery chain that has been quietly growing its empire to become the second-largest U.S. retailer by sales after almighty Walmart, which derives 56 percent of its sales from groceries.

・Shares of Kroger rose nearly 5 percent Thursday morning. They were already up 28 percent over the past year and 250 percent since 2010. There's no telling how far they could surge as investors snatch up one of the only companies in the retail sector that seems to have figured it all out.

・Kroger was one of the first traditional grocers to dive into customer buying habits and customized shopper communications through a recently ended 12-year partnershipwith data analytics firm Dunnhumby. It was also an early mover into natural and organic foods, eating directly into Whole Foods' customer base. Kroger stores are now peppered with signs proclaiming "locally grown," "organic," and "natural foods," pitching fare such as homemade tortillas and handcrafted, small-batch beef jerky.

・In a move that directly mimics Walmart's supercenter model, Kroger added aisles of high-margin general merchandise such as $84 portable fireplaces. It built health clinics and in-store pharmacies, which now make up about 8 percent of revenue. It mixes private-label brands, which comprise about a quarter of sales, with higher-end products like craft beers, Boar's Head ham, and $10.79 Brie cheese. It strategically locates cheaper goods near the pricier stuff to create a sense that customers have simultaneous access to a full range of products.

・Kroger has proven it has the foresight to jump on rapidly-shifting changes in consumer behavior long before its competitors -- a model for preserving the old-fashioned grocery store. For investors, Kroger's stock is priced at 17.6 times forward earnings, making it less expensive than Whole Foods and Costco (which currently trade at 19.1 and 28 times forward earnings, respectively). Despite its growth and big ambitions, it has kept a relatively healthy balance sheet and protected profits. Expect the growth, and earnings gains, to continue.

PI研のコメント:
・Bloomberg Business、12/3の記事に「Kroger Will Save The Grocery Store」と題し、クローガーについての記事が掲載されました。注目は、記事の中の「Quarterly Sales Growth At Established Stores」であり、2013年の第1四半期から2015年の第3四半期までの2年半の既存店の伸び率の主要チェーンの比較です。クローガーがここ数回の四半期でトップを維持し、ついで、Publix、Walmart、Whole Foods、Fairwayと続きます。特に、Walmart、Whole Foodsとは圧倒的な差でありWhole Foodsは右肩下がり、クローガーのなだらかな右肩上がりとは対照的です。この記事でも、クローガーはダンハンビーと12年間の取り組みにより、顧客政策を組み込み、one of the first traditional grocersと伝統的なグロサリーストアからの体質改善を図ったことを評価しています。また、Walmart、Whole Foodsの長所を次々と取り入れ、改革を図ってきたことも評価しています。結果、投資家が注目し、さらなる成長と利益をもたらす企業であろうと結んでいます。記事の冒頭でも言及しているように、アメリカの小売業界は激変しているとのことですが、その中でも、クローガーが一人勝ちの様相を呈してきたといえそうです。

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